Cheap but dirty now, clean and still affordable sometime in the future. That used to be the coal industry's pitch. But changing public moods about pollution, and stubbornly costly new technology, are denting the coalmen's mood. The biggest surprise is the slowdown in consumption in China, which burns half the world's coal. Last year's fall in demand no longer looks like a blip. In the first four months of 2015 it fell 8% year-on-year (and imports dropped by a stonking 38%). Environmental worries are spurring China to increase energy efficiency and boost its use of natural gas and re-newables, particularly wind power. The economic slowdown has especially hit demand for the higher-quality (and more profitable) coal used in steelmaking.
展开▼
