ICYMI – overnight report China is to ban imports of Australian coal

Bloomberg carried the report citing unnamed people familiar:

  • Chinese power stations and steel mills have been verbally told to immediately stop using Australian coal
  • Ports have also been told not to offload Australian coa
  • It isn’t clear when the halt might end or how it might affect long-term contracts that are already in place
A ban on coal would be a significant escalation in tensions between the two countries an would be a negative for AUD.
The latest on this is that the Australian Trade Minister Birmingham is seeking clarification from China.
Bloomberg carried the report citing unnamed people familiar: