The Port of Rotterdam’s largest coal-storage company said inventories rose as European utilities restocked the fuel in anticipation of stronger winter demand, Bloomberg reports.Stockpiles at Europees Massagoed-Overslagbedrijf BV, or Emo, increased to 3.1 million metric tons this week from 3 million tons last week, according to Sjaak Roukema, commercial manager of the company. Inventories climbed along with demand, Roukema said by phone today.
“Germany will import more coal in the second half as it cuts the use of nuclear power,” Judy Zhu, an analyst with Standard Chartered Plc, said today by phone. Germany, the largest user of thermal coal in Europe, will import 32.5 million tons by sea this year, up 12 percent from a year earlier, Zhu said in a report yesterday.
Germany aims to curb nuclear-power use after March’s earthquake and tsunami caused radiation leaks at Japan’s Fukushima Dai-Ichi plant, stoking safety concerns in Europe’s largest economy. Chancellor Angela Merkel said in June she would replace Germany’s 17 reactors with renewable sources and fossil fuel-based plants. The government seeks to exit nuclear generation by 2022.
European coal rose $1, or 0.8 percent, to $126.25 a ton by 1:15 p.m. in London, after declining for two days in a row.
“Germany will import more coal in the second half as it cuts the use of nuclear power,” Judy Zhu, an analyst with Standard Chartered Plc, said today by phone. Germany, the largest user of thermal coal in Europe, will import 32.5 million tons by sea this year, up 12 percent from a year earlier, Zhu said in a report yesterday.
Germany aims to curb nuclear-power use after March’s earthquake and tsunami caused radiation leaks at Japan’s Fukushima Dai-Ichi plant, stoking safety concerns in Europe’s largest economy. Chancellor Angela Merkel said in June she would replace Germany’s 17 reactors with renewable sources and fossil fuel-based plants. The government seeks to exit nuclear generation by 2022.
European coal rose $1, or 0.8 percent, to $126.25 a ton by 1:15 p.m. in London, after declining for two days in a row.