Australian Foreign Minister Penny Wong has spoken with her counterpart Wang Yi, with the latter providing a list of requests to fulfil to restore a tattered relationship.
Wang Yi said Australia should treat China as a partner, not as an opponent, in order to "come to a correct understanding of China".
The foreign minister also spoke about reversing potential trade barriers in a separate announcement. This could be of benefit to ASX 200 coal shares.
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China ready to "take the pulse"
Reports have surfaced suggesting that China is ready to reverse its policy governing a ban on Australian coal imports.
Coal now trades at US$415 per tonne, just off its all-time record of US$427 per tonne set on 2 May.
In a media release on Chinese media on Thursday, Wang Yi also said that China was ready to reset ties with Australia out of mutual respect, Reuters reports.
The state official said that the "Chinese side is willing to take the pulse, recalibrate, and set sail again," in regards to diplomatic relations.
This would involve refraining from joining with others in trying to contain China, he added.
The language signals a potential turnaround in coal imports into China, particularly as fears around a shortage of Russian supplies grow.
A wind back in supply with high demand would see prices continue surging to new highs, past the record levels already set in 2022.
That would mean China removing restrictions when procuring Australian imports of metallurgical coal.
For ASX 200 miners like Whitehaven Coal Ltd (ASX: WHC) and Yancoal Ltd (ASX: YAL), this could potentially bode in well.
The shares finished more than 2% down and more than 1% up respectively today.
