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| Vietnam may cut coal export to China - Report - 12 Aug, 2008 | ||
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Bloomberg cited Citigroup Inc as saying that Vietnam may cut exports to China after a cyclone damaged a port. As per report, shipments may fall by 8 million tonnes this year after 3 of the 4 loaders at Cam Pha port were damaged and supply may drop by as much as 12 million tonnes. Meanwhile, Vietnam National Coal & Mineral Industries Group said that the collapse of the cranes won't affect its export target. It added that the company hasn't been able to assess the financial loss. The drop in Vietnamese exports may worsen a shortage in China, which is fighting a sixth year of power deficit. China, which uses coal to generate 78% of power, last month ordered a cap on prices of energy coal as prices jumped. Vietnam exports about 3% of global seaborne supply of thermal coal and it may take up to 6 months to repair the damage at the port. | ||
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