Asia shares rise on U.S.-China trade deal optimism, Aussie tumbles

AUD  USD Sinks as China's Dalian Port Bans Australian Coal Imports

Australia's competitors in the metallurgical coal trade might see greater opportunities into China, but Canada and the United States are already subject to some quality and tariff-related restrictions into China, limiting their potential upside. They've singled out only Australian coal. "But the markets there already have a lot of suppliers, and China is, geographically, much more on our doorstep".

Negotiators are drawing up six memorandums of understanding on structural issues: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade, the sources said, as the two sides push for an agreement by March 1.

Headline indices of the Australian financial market were higher after recouping initial losses on Friday, 22 February 2019, on reports that U.

Five harbors overseen by Dalian customs - Dalian, Bayuquan, Panjin, Dandong and Beiliang - will not allow Australian coal to clear through customs, said the Dalian port official.

It was last up 0.35% at $0.71120.

Chinese sources apparently revealed to S&P Global Platts as early as Wednesday this week that a meeting of Chinese port officials, held that day near Dalian port, decided that only cargoes from Indonesia and Russian Federation would be allowed into five northern ports.

Mr Birmingham urged caution on the issue as he added: "It's important to reiterate. that we went through a period of some similarity late last year but when all that was done and dusted both the value and volume of our coal exports in that fourth quarter last year to China were significantly higher".




The benchmark index closed up 28 points, or 0.46 per cent, at a fresh four-month high of 6167.3 with miners mixed as investors mostly downplayed risks from the ban by China's Dalian region of Australian coal exports.

"It doesn't stand to reason you just ban one country's coal", said one Australian fund manager, who did not want to be named because the export restrictions were politically sensitive in China.

Australian trade officials said they had been notified of recent industry concerns about market access.

But Frydenberg said the coal decision was not necessarily linked.

The New Zealand dollar is trading at 95.48 Australian cents from 96.10, at 51.96 British pence from 52.19, at 59.74 euro cents from 60.04, at 75.02 yen from 75.35 and at 4.5573 Chinese yuan from 4.5719. Yancoal closed 2.8 per cent weaker, New Hope lost 3.3 per cent, Stanmore Coal was down 2 per cent and Coronado Coal was off 3 per cent. Glencore, a major coal producer, was down more than 3 per cent in London on Thursday night but BHP Billiton stock was steady. China is expected to agree to buy more U.S. goods as part of a deal being brokered by negotiators in Washington this week.

Reserve Bank of Australia governor Philip Lowe chimed in by saying the amount of coal involved was relatively small and not enough to derail the Australian economy.

Diplomatic relations between the two countries have been deteriorating since 2017, when Australian authorities accused China of interfering with its domestic affairs. Yancoal said it will not be impacted by the Dalian ban as it does not ship to the port. Glencore directed queries to the Minerals Council of Australia, which declined to comment. We have to wait and see.

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