The International Energy Agency said that China will become the world’s largest importer of thermal coal this year, despite earlier expectations that it would not overtake Japan – the largest importer at present – before 2015, the Financial Times reported. Imports of coal hit 47.5 million metric tons in the January-May period, a 120% year-on-year increase. Demand from China has helped to push coal in Europe to prices not seen since 2008; Asian benchmark Newcastle coal has risen to US$100 per ton. The agency also said that demand from China would help to push demand for oil up by an average of 1.4% through 2015. Demand growth in China, India and the Middle East would offset flat or declining growth in the rest of the world, the agency said.
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