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Chinese officials ban Australian coal imports

Australian coal producers have suffered another savage hit, with Chinese authorities placing an indefinite ban on imports ahead of a strict new regime of quotas.

Key points:

• The ban follows a marked slowdown in processing Australian coking coal imports this year
• Exporters are now experiencing similar delays for both coking and thermal coal through other big Chinese ports
• Coal is now Australia's most valuable export and China is its biggest market

The Reuters news agency reported customs officers based at the key northern port of Dalian stopped Australian coal imports and would move to cap imports for through their harbours at 12 million tonnes a year.

The move appears political, with only Australian coal being targeted.

Reuters said imports from Russia and Indonesia would not be affected.

News of the ban sent the Australian dollar tumbling in late afternoon trade.

At 6:00pm (AEST) the dollar had tumbled below 71 US cents, having moved above 72 US cents after stronger-than-expected jobs data earlier in the day.

The Dalian custom officers oversee imports through five harbours — Dalian, Bayuquan, Panjin, Dandong and Beiliang — into the heavily industrialised steel-making heart of China's north.

At the moment, the ban is centred on coking coal used in steel making, but the fear is it will spread to other ports and thermal coal exports.

More to come.

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