The owner of one of the nation’s largest coal ports says the Chinese government’s ban on Australian coal has triggered a realignment of global trade flows that is sending more of the commodity from local shores to Europe and elsewhere in Asia.
Dalrymple Bay Infrastructure chief executive Anthony Timbrell said coal volumes shipped from its Hay Point terminal in Queensland had dropped to 55 million tonnes in 2020, down from 67 million tonnes, as it reported a maiden net loss of $113 million.
The coal loading port Hay Point on the coast of MackaCredit:Jason South
Australia’s coal producers have been hit hard since COVID-19 restrictions slashed demand for the commodity and worsening diplomatic ties between Canberra and Beijing led to China unofficially black-listing Australian coal imports.
The federal government, which has described coal as being in a “state of flux”, is forecasting the nation’s exports of metallurgical coal – used in steel-making – will fall by around 8 million tonnes to 169 million tonnes this year due to lower demand, while thermal coal – used in power generation – will fall from 213 million tonnes to 199 million tonnes.
