US coal miner Massey Energy is reported to have begun rehiring miners in response to growing demand for coking coal from Asian steelmakers.
"We are obviously encouraged by the positive news we are hearing out of the Asian markets," said chief executive Don Blankenship.
"China reported economic growth of 7.9% in the second quarter.
"We have seen some estimates recently that China may be a net importer of as much as 50 mt of metallurgical coal for the year. This news has helped solidify and improve met coal prices," he said.
Blankenship was reported as saying that as China and India consume more coal, the company believes its opportunity may be greater to sell its coal directly into these markets or to displace Australian and South African coal in the market as that production remains in Asia.
Coking coal imports to China have soared as the country's steel mills have cranked up production this summer, said industry analyst Charles Bradford of Affiliated Research Group.
"They imported 4.6 mt last month," Bradford said.
"For the first six months [of 2009] they only imported 12.7 mt, so you did a third of the six months in one month."
