China could become largest coal importer in 2010

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.