China’s crude processing fell to the lowest level in eight months in April as refineries shut units for maintenance and industrial production expanded at a slower pace than forecast. Electricity output increased.
Coal prices in China may rise 5 percent in 2012 and 2013 and imports may increase 15 percent a year because of supply tightness, “strong” industrial demand and reliance on thermal power, according to UOB-Kay Hian Ltd.
The “silent” removal of a 40 percent tax on China’s coke exports, coming after the World Trade Organization ruled against the practice, will drive up production and boost the nation’s coal imports, analysts said.
United Co. Rusal’s Oleg Deripaska is wedded to an investment that barely covers borrowing costs, has brought management into conflict and added to losses for stockholders such as billionaire Li Ka-shing and Paulson & Co.