China hits the brakes for coal imports

China’s coal import growth slowed in May, rising just 3.3% from a month ago compared with 16.3% in April, amid a slowing economy that has driven down industrial demand for power, according to The Australian.

Falling coal prices will likely keep a lid on import growth throughout the northern summer, the traditional peak demand period, amid lower demand for coal-fired power, ample hydropower generation and burgeoning coal stocks.

May imports reached 20.53 million tonnes, up 51.3% on last year final data issued by the General Administration of Customs showed.

In May, electricity consumption reached 406.1 billion kilowatt-hours, up 5.2% from a year earlier and much less than an average growth of 11.7% in 2011.

Caterpillar warns of slower growth in mining industry

The world's biggest maker of heavy equipment, Caterpillar, has warned that coal markets in Australia and China are slowing and that the global mining industry will be unable to maintain its high growth rates of the past two years, The Australian reports.

The warning could have implications for billionaire Kerry Stokes's WesTrac earthmoving business, which holds the rights to sell Caterpillar's mining and construction equipment in most of Australia and China.

Deadline on heavy polluters in danger

Federal Labor is in danger of missing its own deadline for a key plank of the carbon price scheme as it faces an uphill battle to strike deals to pay for the closure of 2000 megawatts of heavy-polluting coal power stations, The Australian reports.

The Australian understands the government is looking unlikely to have entered into contracts with enough electricity generators to meet the target of buying out 2000MW – which is enough to power more than 2.5 million homes – by the June 30 deadline.

Climate board a ‘diverse’ lot

The federal government has appointed strong advocates of deep cuts in carbon emissions to the independent body established to advise it and the nation on future greenhouse gas targets, The Australian Financial Review reports.

But Climate Change Minister Greg Combet has also appointed business representatives – Reserve Bank board member Heather Ridout and former Alumina chief executive John Marlay – to the new Climate Change Authority, saying the board represents a “diverse set of skills”

“There are four professors, several economists, a leading climate scientist and people with strong practical backgrounds in business and investment,” Combet said yesterday.

“These appointments will ensure that the Climate Change Authority thoroughly tests the evidence, material and advice before it.”