Forwarded from 📡Guardians of Hong Kong
Australia wants China coal ban will contravene WTO rules
Canberra has asked Beijing to clarify whether it has formally banned Australian coal, warning that such a move would breach Would Trade Organization rules and harm both countries.
Due to informal trade sanctions imposed by Beijing, dozens of cargo ships carrying Australian coal stranded off the Chinese coast and was unable to unload shipments, in some cases for months.
Citi analyst Paul McTaggart said China’s decision on blocking Australian’s coal would lead to a rerouting of global supply, whereby Chinese steel producers would by more coking coal from North America and European producers would buy more Australian coal. Coal prices rose sharply in December 2020.
Source: FT #Dec15
https://www.ft.com/content/2a8ebd12-b30c-4aed-8028-8b31e5e8d667
#AustraliaChina #TradeSanction #Coal
Canberra has asked Beijing to clarify whether it has formally banned Australian coal, warning that such a move would breach Would Trade Organization rules and harm both countries.
Due to informal trade sanctions imposed by Beijing, dozens of cargo ships carrying Australian coal stranded off the Chinese coast and was unable to unload shipments, in some cases for months.
Citi analyst Paul McTaggart said China’s decision on blocking Australian’s coal would lead to a rerouting of global supply, whereby Chinese steel producers would by more coking coal from North America and European producers would buy more Australian coal. Coal prices rose sharply in December 2020.
Source: FT #Dec15
https://www.ft.com/content/2a8ebd12-b30c-4aed-8028-8b31e5e8d667
#AustraliaChina #TradeSanction #Coal