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New UserMinerals Council talks up future of coal exports, despite prediction of 2016 peak in Chinese demand
28 Jul 2014
The NSW Minerals Council says the growth rate of Australian coal exports to China may be slowing, but the country is still the second largest market for thermal coal.
Citing figures from China's National Energy Administration, the Institute for Energy Economics and Financial Analysis predicts the country's demand for coal from NSW could peak by 2016.
It says imports are at their slowest rate of growth in decades.
But Minerals Council CEO Stephen Galilee says coal will continue to be a large part of the world's energy mix for many years.
He says while China's growth rate of coal consumption is slowing, any increase translates to big numbers due to the quantity the country uses.
"The International Energy Agency predicts that while the rate of growth in that energy demand is going to slow, by 2035 China will still be using coal for around 75 per cent of its energy needs," he said.
"We're talking about a very big market for coal, we're talking about a slowing of the rate of growth, but growth none the less.
"All the forecasts we are seeing are for increased strong demand for our coal into Asian markets, particularly China and India."
Source: http://www.abc.net.au/