China becomes net importer of coal for first time

China, the world's largest consumer of coal, became a net importer of coal in January for the first time, the South China Morning Post reported. China imported 4.7 million tons of coal in January, a rise of 81.1% from 2006. Coal exports last month fell 20.4% to 3.29 million tons, the fourth consecutive month of year-on-year declines. Increased demand from China's energy-hungry economy could push international coal prices higher, as the coal shortage has been brought on by transport bottlenecks and the cancellation of tax rebates.