Citing an industry insider, Global Times reported on Tuesday, China’s steel companies have restarted importing coal from Australia, “as part of efforts to diversify sources of supplies and stabilize import prices.”

Key quotes

"Bids were sought, the contract was signed and the price was relatively reasonable." 

“Coal from Australia is expected to arrive at a port in Southeastern China by late February, without naming the port.”

“The import is considered a positive signal, which will help stabilize domestic coal prices and diversify import channels.”

Market reaction

At the time of writing, AUD/USD is trading at 0.6888, up 0.05% on the day, having failed to find any inspiration from the above report.