China’s Coal Demand Gets Boost as Heatwave Lifts Aircon Use

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Or sign-in if you have an account.(Bloomberg) — China’s thermal coal prices are rebounding as a mild start to summer finally gives way to hotter weather, boosting air-conditioner usage and power demand.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSpot prices in Qinhuangdao reached 822 yuan ($821) a ton on Monday, paring a 7% decline earlier in the month that saw them fall to a low of 797 yuan a ton on July 13, according China Coal Resource. Prices could rise further as intense heat grips much of the nation, according to the China Coal Transportation and Distribution Association. “Thermal coal prices are more likely to rise than fall, as the peak season for coal-fired power consumption is far from over, the impacts of El Niño have yet to fully materialize, and the cumulative effects of tightening supply and growing demand will continue to build,” Li Xuegang, senior analyst at the association, said on a Wednesday webcast.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againCentral and eastern China are experiencing widespread hot and humid conditions as two high-pressure systems merge to form a heat dome, according to the China Meteorological Administration. Many areas — from the remote northwest region of Xinjiang to the heavily populated eastern seaboard — could see highs of 37C (99F) in coming days, it added.Northeastern China will also see unusually high temperatures into the weekend, with the most anomalous warmth concentrated in the cities of Beijing and Shenyang, according to Paul Markert, a meteorologist at commercial forecaster Vaisala.Coal prices had slipped earlier this summer as utilities built up stockpiles in anticipation that El Niño would bring heat and drive up air-conditioning demand. Instead, much of the country was doused with heavy and persistent rainstorms that cooled temperatures and helped boost hydropower generation — offsetting some coal demand.Hydro generation is likely to weaken in coming months after rising 9.3% over the first half of the year from 2025 levels, according to the coal association. The group also expects weak wind and solar generation during the summer. While China’s coal stockpiles are still high, domestic production remains constrained after a deadly accident in Shanxi in late May led to widespread safety inspections that choked output in one of the country’s top mining regions. Production in the province fell 32% in June.Zijin Gold International Co. terminated a planned C$5.5 billion ($3.9 billion) takeover of Canada’s Allied Gold Corp. after the acquisition failed to get approval from Chinese regulators, settling instead for a minority stake.When it comes to gauging the possibility of a sales rebound for his luxury group in China, Hermès Executive Chairman Axel Dumas turns to an unusual metric: pork prices.The trading arm of Chinese copper giant CMOC Group Ltd. is making a push into iron ore with a deal to finance a mining company in Brazil.China signaled it plans to take a more important role in steering the global campaign to tackle climate change, as officials offered further details on strategy to mitigate and adapt to rising temperatures. 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