MOFCOM sets coke export quotas for H2 2011
Shanghai. July 11. INTERFAX-CHINA - China's Ministry of Commerce (MOFCOM) on July 8 set a coke export quota of 3.82 million tons for the second half (H2) of 2011.
The quota is shared between 41 companies with China Sinochem Corp. receiving the largest allowance of 309,000 tons. China Minmetals Corp. and Shanxi Dajin International (Group) Co. Ltd. followed with quotas of 275,000 tons and 198,000 tons, respectively, MOFCOM said.
China set a coke export quota of 4.6 million tons for the first half (H1) of 2011, meaning the total quota for the year has decreased by 580,000 tons compared to 2010 figures, ChinaCCM.com coke analyst Zeng Lili told Interfax.
China's coke exports have declined steadily since 2008, which Zeng attributed to the global economic downturn and an August 2008 hike in export duties from 25 percent to 40 percent.
Zeng forecast China's coke production to reach 400 million tons this year, with export quotas to continue falling.
"Although China has excess production capacity, it will continue to limit coke exports in order to protect domestic resources," Zeng said.
- KHM