Australia Plays Down Reports of Chinese Coal Ban

Asia shares steady after Fed minutes, Aussie rallies

The Australian dollar was in the spotlight, sliding more than one percent after customs at China's northern Dalian port banned imports of Australian coal and said it will cap overall coal imports for 2019.

Tensions rose again last month after Australia rescinded the visa of a prominent Chinese businessman, just months after barring Chinese telecoms giant Huawei Technologies from supplying equipment to its 5G broadband network.

In afternoon trading, the dollar rose 0.2 percent against the yen to 110.82 yen.

BHP chief executive Andrew Mackenzie said while delays had been experienced in getting both metallurgical coal and thermal coal into China recently, he did not believe it was political.

"Weaker coals make up the majority of Mongolian exports so in the short term direct replacements for Australian coals would be limited", he said. The possibility of adverse impacts on China suggest a long-term ban is unlikely.

Its ambassador to Canada this week warned that excluding the company will have repercussions. Prices would have fallen if there was a ban in place, according to Daniel Hynes, an analyst at Australia & New Zealand Banking Group.

"We do understand that China applies, in some areas, restrictions in relation to the volume of coal", Birmingham told reporters in Adelaide on Friday.

"People should be careful about leaping to conclusions about this", Morrison told journalists in Auckland.

While imports of Indonesian and Russian coal would still be allowed, Australian coal was banned.

However, concerns persist over the lack of liquidity in the spot market and therefore its transparency, though the emergence of trading platforms such as Global Coal in recent years have improved things. "They could do more if they wanted to, but if they did they would shoot themselves in the foot because if they stop buying our raw materials, they will suffer as well".

"This seems to be an escalation of what is already happening between China and Australia".

"If you look at the volume and the value of our coal exports to China and in the last quarter of 2018, it was higher in the same period past year and the coal exports underpin more than 50,000 jobs and $60bn of exports, so they will continue to be strong and robust".

On Friday, China's foreign ministry spokesman said that reports the nation had banned Australian coal imports are false.

"The goals are to better safeguard the legal rights and interests of Chinese importers and to protect the environment", Geng said, adding that the move was "completely normal".

See live rates for the NZ-US $ below.

Ignoring the one per cent tumble in the Aussie dollar last night and a 0.4 per cent fall on Wall Street, the S&P-ASX 200 index rallied from an early dip into the red as the major banks continued to rally after Westpac's forecast yesterday that the Reserve Bank would cut rates twice this year.

"It is not an issue for us at the moment but we need to fix this soon", he said.

Griffin said Mongolian coal imports could rise substantially in order to replace Australian coals.

"It is hard to know the exact Chinese motives in this case", said Zhang Baohui, director of the Centre for Asian Pacific Studies at Lingnan University in Hong Kong.

Related News:

  • Flowers from Meghan Markle's baby shower donated to charity

    Flowers from Meghan Markle's baby shower donated to charity

    Meghan is expected to take part in a Henna ceremony and the couple will then watch a secondary school football match. Prince Harry pulled off a grand surprise on Prince William and Kate Middleton's wedding day that shocked the couple.
    R. Kelly Charged With 10 Counts of Aggravated Criminal Sexual Abuse

    R. Kelly Charged With 10 Counts of Aggravated Criminal Sexual Abuse

    He also maintains that the timeframe of the sexual assault depicted in the video falls within the IL statute of limitations. In 2017, DeRogatis wrote a story for BuzzFeed about the allegations Kelly was holding women against their will in Georgia.
    Jussie Smollett Arrested for Allegedly Filing False Police Report

    Jussie Smollett Arrested for Allegedly Filing False Police Report

    Chicago Police Superintendent Eddie Johnson was visibly angered as he condemned Smollett's actions. The pair provided information that "shifted the trajectory of the investigation", police said.
  • Pelicans to rest Anthony Davis vs. Lakers on Saturday

    Pelicans to rest Anthony Davis vs. Lakers on Saturday

    Regardless of how messy the situation gets from here, Davis will play for another team in 2019-20. During the All-Star break, the Pelicans fired GM Dell Demps and replaced him with Ferry.
    Trump Says India Looking at Something 'Very Strong' After Pulwama Attack

    Trump Says India Looking at Something 'Very Strong' After Pulwama Attack

    Following is the text of the letter that the BCCI has written to the ICC in the wake of the Pulwama terror attack . India withdrew the most favoured nation trade status to Pakistan after last week's attack.

    SpaceX Just Launched Israel's Lunar Lander off to the Moon

    The Israeli spacecraft Beresheet launched this evening on a trip to the moon, where it hopes to touch down in two months. Launching the refurbished booster for a third time could net SpaceX millions (if not tens of millions) of dollars.
  • Sadio Mane's house burgled during Champions League match

    Sadio Mane's house burgled during Champions League match

    My last game (as a player) was a loss to Chelsea in the FA Cup final. "I think they are able to play different ways", he added. Having been held to a disappointing 0-0 draw by Bayern Munich at Anfield on Tuesday, attention now turns back to the league.
    Chicago White Sox stunned by Manny Machado deal

    Chicago White Sox stunned by Manny Machado deal

    Kenny Williams had a dark black White Sox coat and sunglasses, covered in the shade provided by the roof over his golf cart. The deal has yet to be officially announced, but it would be the largest free agent contract in the history of baseball.
    Padres make 'serious' offers to Machado, Harper

    Padres make 'serious' offers to Machado, Harper

    How any model could suggest Harper and Machado aren't worth the price tag is beyond us, yet here we are, still waiting. They, like the White Sox, can pitch a loaded farm system and a rebuild on the cusp of producing a perennial contender.
  • Ninth Lawmaker Quits Britain's Opposition Labour Party

    Ninth Lawmaker Quits Britain's Opposition Labour Party

    The prime minister acknowledged, too, the obvious, that Brexit is painful and hard. Other Tory MPs might also resign, but "I don't have a crystal ball", he said.
    Nestlé and Disney reportedly halt spend on YouTube following child video exposé

    Nestlé and Disney reportedly halt spend on YouTube following child video exposé

    Disney and Nestlé are among those who have reportedly yanked spending after a YouTube video surfaced the ongoing problem. Watson said that some of the YouTube videos feature ads for big-name companies, including Disney.
    World's Biggest Bee Thought To Be Extinct Has Been Rediscovered

    World's Biggest Bee Thought To Be Extinct Has Been Rediscovered

    The newly rediscovered Wallace's Giant Bee, also called "Raja ofu", or king of bees, has gained widespread media attention. Bolt and Wyman say they want their discovery to draw attention to the bee - and to the need to protect it.

Most liked

Oil Hits Highest 2019 Level
Analysts say that the United States output will increase further and oil firms will raise exports to shift surplus stocks. Goldman Sachs said in a note it expects OPEC output to average 31.1 million bpd in 2019, down from 31.9 million bpd.

Snow, sleet threaten U.S. East Coast, hinder hundreds of flights
Total snow and sleet accumulation of 3 to 6 inches and ice accumulation of one to tow tenths of an inch are expected. Heavy snow was predicted for northern Arizona and significant rain for central Arizona deserts through Friday .

Jordyn Woods speaks after allegedly cheating with Tristan Thompson
Khloe Kardashian 's ex-husband Lamar Odom "hates that she's been hurt again", after learning of the latest cheating scandal with her baby daddy Tristan Thompson .

Shamima Begum: IS teenager's family challenge citizenship move
She gave birth to a baby boy last Sunday and says that she wants to return to the United Kingdom with him. Her family's letter said they had made "every fathomable effort" to block her from entering IS territory.

Facebook Improves Location Settings, Adds New Privacy Control on Android
From some years, Facebook has remained on limelight, due to its data tracking issue and extracting user's personal info. Alternatively, the option is also accessible via Settings & Privacy Privacy Shortcuts Manage your location settings.

Donald Trump responds to prostitution charges against friend Robert Kraft: 'Very sad'
Police have not arrested Kraft and have not had any contact with him yet, they said. "But I was very surprised to see it". Nine other spas in Orlando, Palm Beach County and Treasure Coast had also been shut down in part of the investigation.

Health minister rules out mandatory vaccinations in B.C.
Measles causes fever, rash, cold-like symptoms and red, inflamed eyes that can be sensitive to light. Forty five of the confirmed Clark County cases involve children between the ages of 1 and 10.

Fox flying to Mexico for lucrative WGC event before 100th NZ Open
Viewers of the WGC-Mexico Championship can expect to see a whole lot of unfamiliar faces this week. "I would love it", Woods said. Woods tied for 20th at the Farmers Insurance Open in late January and tied for 15th Sunday at the Genesis Open .

Mesut Ozil: Arsenal midfielder will be rotated, says Unai Emery
However, Mourinho - sacked by Manchester United in December - had only glowing thing say about Wenger via a video. It was a surprise yes‚ because we had some good fights but I was also surprised I got this award‚ .

Islamic State teen Begum asks United Kingdom to show 'more mercy'
Shamima Begum , 19, hit the headlines last week after she was discovered in a Syrian refugee camp - along with a newborn baby. Ms Begum has had her United Kingdom citizenship revoked by Home Secretary Sajid Javid - a move Mr Corbyn said was "extreme".

Did Tyler Henry Predict the Tristan Thompson and Jordyn Woods Drama?
And we can't say we blame her! "She is angry more than she is sad". "My only thought was about the birth of my daughter. But a day before the world learned about the scandal, Kardashian and her family were informed of the alleged incident.

Barcelona's Ernesto Valverde - Luis Suarez's drought 'doesn't worry me'
Messi was again the match victor , as they beat Real Valladolid 1-0 on Saturday, to open a nine-point gap ahead of rivals Real Madrid.

Samsung Galaxy S10 commercial airs in Norway a day before its launch
For one, it has app continuity, which will allow apps to pick up on one display where you left off on the other. Samsung is also expected to provide a glimpse at a highly anticipated smartphone with a foldable screen.

United States dismisses Putin remarks as 'propaganda'
Putin reaffirmed that Russian Federation will not be the first to deploy new intermediate-range missiles but warned of a quick retaliation if the US puts such weapons in Europe.

Most Americans Think FBI, DOJ Officials Broke Law by Discussing Trump’s Removal
Most Americans also believe a special counsel should be appointed to investigate the crime, the survey found. McCabe's book is called " The Threat: How the FBI Protects America in the Age of terror and Trump ".