Coal price going gang busters, page-25

Deutsche Bank tips Chinese thermal-coal imports to rise in 2H16 and remain
stable, rather than fall back again, "leaving the market relatively balanced through
the end of decade." It forecasts a 9% rise in annual imports to 170M tons, after a
32% fall in 2015. Imports are seen higher because of recent changes in policy to restrict
domestic production of coal in China. Deutsche Bank thinks Beijing may hold firm on the
curbs after "National Development and Reform Commission government officials
reiterated their commitment, describing compliance as non-negotiable and to be strictly
enforced through mine inspections.