China delay coal exports on power shortages

China may delay coal exports on power shortages
By Nao Nakanishi
HONG
KONG, Jan 24 (Reuters) - China may delay coal exports to help relieve severe power shortages ahead of the Lunar New Year early next month, traders said on Thursday, further tightening strained supply in Asia that has driven prices to record highs.
Beijing has called on miners and those involved in transport to make supplying domestic power generators a top priority, as plants struggle to secure coal and others shut down capacity rather than generate electricity at a loss.
"There will be deferrals," said a trader at an international house.
"Maybe they won't ship much until the second quarter."
In the second half of 2007, Chinese monthly exports averaged 5 million tonnes, versus 3.8 million tonnes in the first half, as miners took advantage of surging global prices. It was not immediately clear how many cargoes China sold for shipment before end-February, when the 2007 export quotas expire....

Read more.