Good! China's Coal Production Hits Six-Month High
While we don't get much news regarding capitalism in the West anymore, many Eastern nations are becoming more and more friendly in adoption of free market capitalism.
China aims to avoid coal shortages during the peak summer demand season by stockpiling coal and increasing production. Wow! Some common sense has prevailed in clown world.
China boosted its coal production in June to the highest level in six months as it looked to meet power demand for cooling in the summer and as eased mining safety inspections allowed some mines to resume operations.
Chinese coal production stood at 405.38 million metric tons in June, the highest volume since December 2023 and a 3.6% rise compared to June last year, according to data from China’s National Bureau of Statistics (NBS) reported by Reuters on Monday.
Earlier this year, Chinese coal output was weaker, due to numerous safety inspections at mines following deadly incidents, and lowered production in the province of Shanxi, China’s top coal-producing area, which accounts for nearly 30% of domestic output.
China continues to rely on coal and coal-fired power generation to meet its growing power demand, and despite being the world's top investor in solar and wind capacity, it also plans a lot of new coal-fired electricity capacity. This is the kind of policy smart leaders would adopt in the West, if we had any!
Ahead of the summer, China, the world’s biggest coal consumer, had accumulated inventories of 162 million tons of coal over the first five months of the year, equal to about 8.5% of consumption during those five months, per data from cqcoal.com cited by Bloomberg last month.
China has been stocking up on coal in anticipation of peak demand during the summer.
https://www.zerohedge.com/energy/chinas-coal-production-hits-six-month-high
