China’s ban and Queensland’s higher royalties for coal producers are having little impact on super profits as exports hit a record.
The state’s coal industry is a clear winner from the global energy shock as the world looks for new supplies, according to data released by Queensland Treasury.
China’s informal ban on Australian coal and global decarbonisation efforts are not hurting Queensland’s exports, the outlook report revealed.Importantly for Queensland’s coal industry, demand for metallurgical coal used for steel making is more solid than for thermal coal for power generation. But the hole left by its exit from the market was filled by India, Japan and South Korea - together totalling almost 70 per cent of Queensland’s 202.1 million tonnes of exports in the year to November 2021.
For high-quality hard coking coal, the new tiers of royalties are estimated to add less than $2 per tonne to those payable by producers.
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