Daily Trends Now
Daily Trends Now

Global shares edge higher as Aussie dollar rebounds

Global shares edge higher as Aussie dollar rebounds

Dalian port officials reportedly didn't allow Australian coal shipments to clear through customs, while shipments from other countries, such as Indonesia and Russian Federation, were allowed to pass. Dalian customs now oversees five ports in the region, including Bayuquan, Beiliang, Dandong, and Panjin.

"If it were to be the sign of a deterioration in the underlying political relationship between Australia and China, that would be more concerning".

Most markets in Asia finished the last session of the week in the green, with Chinese stocks leading the charge, although coal plays in Australia were on the back foot following reports of a ban from Beijing.

More The Australian Dollar is crashing on Thursday following news China's Dalian region customs had banned Australian coal imports.

A major northern Chinese port has banned imports of Australian coal, sparking fears it could cause strain in the relationship between the two countries and affect the Australian economy.

Birmingham said Australia was working hard to get clarity around China's policy positions and to give confidence and certainty to Australian coal companies. China has said the concerns are unreasonable and warned other countries of unspecified consequences if they follow suit in blocking Huawei equipment.

The minister stressed that when Australian coal imports to China have experienced lags in the past, the pace has later picked up quickly. According to a representative of the Dalian Port Group, the operator of the port of Dalian, overall coal imports have now been capped at 12 million tons for the year. Neither Dalian customs nor the national General Administration of Customs immediately responded to a request for comment.

"Those knee-jerk headlines of "Australia's number-one export destination has a ban on Australia's number-one export" were enough to knock the Aussie lower", Callow said.

A USA one-hundred dollar bill (C) and Japanese 10,000 yen notes are spread in Tokyo, in this February 28, 2013 picture illustration.

"I think people should be careful about leaping to conclusions about this", Mr Morrison told reporters in Auckland, where he met the New Zealand prime minister on Friday.

Beijing has been trying to restrict imports of coal more generally to support domestic prices.

Total imported coking coal inventory at five major Chinese ports stood at 3.02 million tonnes as of February 22, up 180,000 tonnes from last week, according to Mysteel consultancy.

Dalian handles both thermal and coking coal imports but the clamp down is expected to have a bigger impact on coking coal, used in steelmaking, rather than on thermal coal, used to generate electricity.

"Another possible interpretation is the Chinese coal industry is not particularly profitable and containing imports might boost the domestic price and help the Chinese coal industry".

"Certainly for our economy, if it does escalate, it will probably harm Australia to some extent", he says.

"If you look at the volume and the value of our coal exports to China and in the last quarter of 2018, it was higher in the same period a year ago and the coal exports underpin more than 50,000 jobs and $60bn of exports, so they will continue to be strong and robust".


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