China, the world’s top coal importer, will levy import tariffs on the commodity for the first time in nearly a decade.
News of the tariffs – 3% on anthracite coal and coking coal and 6% on non-coking coal – hit mining stocks around the world.
Vancouver-based Teck Resources, one of Canada’s largest coal suppliers to China, saw its stock slide by 6.4% to $18.07 in late trading. Coal represented 44% of Teck’s revenue in 2012 and it sells $2.5 billion in commodities to China every year, including coal, copper and zinc. Read more here.