Coal stocks at China's Qinhuangdao port up 13% on week
Coal stocks at China's Qinhuangdao port surged 12.7% to 8.76 million mt Wednesday from 7.77 million mt on May 31, Qinhuangdao Port data showed, Cargonews Asia reports.
This compares with a typical stock level of 6 million-7 million mt and a record high of 9.22 million mt in mid-November 2008.
With outbound coal shipments declining, stocks at Qinhuangdao have been on the rise since May 15.
Coal stocks at southern China's Guangzhou and Fangcheng port also remain high. Guangzhou held 2.73 million mt Wednesday, compared with 2.78 million mt on May 31, and its coal stocks have remained above 2.7 million mt since April 19, port data showed.
Stocks at Fangcheng stand at 6.5 million mt, down from 6.7 million mt May 21 and a year-to-date high of more than 8 million mt in late February, a Guangdong-based trader said, citing port figures.
Separately, combined coal stocks held by the six major power generators in eastern and southern China, Zhejiang, Shanghai, Guangdong, Datang, Huaneng and Guodian, rose to 16.61 million mt Tuesday from 16.41 million mt on May 29, according to Qinhuangdao port data. This is adequate to fuel 32 days of burn, up from 29.7 days on May 29.
