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China bans Australian coal imports as relations sour - Bloomberg

Oct. 12, 2020 10:48 AM ETBHP Group Limited (BHP) Stock, RIO StockBHP, RIOBy: Carl Surran, SA News Editor30 Comments
  • China has suspended purchases of Australian coal, Bloomberg reports, marking a fresh escalation in tensions that already jolted agricultural exports from China's biggest supplier of commodities.
  • Chinese power stations and steel mills have been verbally told to immediately stop using Australian coal, and ports also have been told not to offload Australian coal, according to the report.
  • China keeps a tight grip on coal imports as it seeks to balance the needs of its miners and industrial users; the fuel still accounts for more than half of its energy needs, although it is gradually falling out of favor, as China shifts to cleaner burning energy to cut pollution.
  • Potentially relevant tickers include BHP, RIO

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