Japanese picking up coal assets amid signs of market bottoming

Tokyo

ONLY a few months ago, a potential buyer said Japanese trading house Marubeni Corp was prepared to sell a costly stake in a Canadian coal mine for as little as US$1.

But a flurry of acquisitions of high-quality coal assets by Japanese firms in recent weeks signals that some trading houses at least are betting a depressed coal market where prices have halved in three years may be bottoming out.

This vote of confidence comes amid signs that coal demand in Japan and emerging markets such as India is holding up well despite we…