Improved Domestic Coal Out From China May Slow Imports
21 Juli 2011 - 2:16PM
Marketwired
Emerging markets have played a critical role in coal's renaissance
this year. On the downside, recent studies have surfaced showing
that in spite of greater demand from emerging markets, specifically
China, imports are on the downswing. The Bedford Report examines
the outlook for companies in the coal industry and provides equity
research on Patriot Coal Corporation (NYSE: PCX) and Peabody Energy
Corporation (NYSE: BTU). Access to the full company reports can be
found at:
www.bedfordreport.com/PCX
www.bedfordreport.com/BTU
According to a research not from Deutsche Bank, Chinese thermal
coal imports will stabilize at around 100 million tonnes a year
instead of rising, as previously expected, because of improvements
to the country's own coal output and rail capacity. Deutsche Bank
said that despite higher total demand, Chinese net imports in the
first five months of this year were between 5 million and 11
million tonnes a month -- down from the year earlier.
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Peabody Energy says that coal is in the early stages of a
"demand supercycle." Earlier this week the coal producer predicted
strong results for the rest of 2011, as it undertakes what it
called its biggest global expansion in its 128-year history.
Peabody said its net income attributable to common shareholders was
$284.8 million, or $1.05 cents per share, in the April-June period.
In the recent quarter Peabody signed an agreement to develop a huge
Chinese surface mine expected to produce 50 million tons of coal a
year for decades.
Patriot Coal Corporation is scheduled to report quarterly
earnings next week. Patriot ships to domestic and international
electricity generators, industrial users and metallurgical coal
customers, and controls approximately 1.9 billion tons of proven
and probable coal reserves.
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