ANZ write that "headlines over the past...>

AUSTRALIA: ANZ write that "headlines over the past 24 hours suggest Australian

coal imports have been banned by Chinese authorities. We believe recent

restrictions and quotas on Chinese coal imports have been misconstrued. Our

channel checks so far suggest while there are delays in getting imported coal,

it is still getting through. This has been confirmed by our own conversations

with buyers in China. Some other media reports with sources from the physical

market suggest the same. These restrictions are not new. Chinese authorities

have been adjusting import quotas for some time, in an effort to balance

domestic and international coal consumption. The restrictions have been in place

for several months now, as inventories and prices spreads have been hurting

Chinese domestic producers. This is something we warned about last November. The

new year also brings fresh quotas for each importer. These latest restrictions

apply across the board, and thus should impact other suppliers, such as

Mongolia. The recent sudden surge in imports may have instigated these latest

restrictions. Total coal imports in January rose 228% m/m to 33.5mt. Inventories

also remain at elevated levels, and international prices high."