GACC: China's thermal coal imports fall 8% YoY in March

Sourced from the PR provided

China's thermal coal imports declined in March, as elevated seaborne prices and ample domestic supply cooled buying interest. Imports of the power generation fuel totalled 25.92 million tonnes during the month, down 8.2 per cent year on year, according to data from the General Administration of Customs (GACC).

Thermal coal accounted for 66.4 per cent of China's total coal imports of 39.06 million tonnes in March. Coking coal made up 31.8 per cent or 12.42 million tonnes, while anthracite comprised the remaining 1.8 per cent or 0.7 million tonnes.

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The decline in volumes was accompanied by a drop in import value. Total spending on thermal coal imports fell 7.4 per cent on year to USD 1.6 billion. Based on volume and value, Mysteel Global estimated the average import price at USD 62.84 per tonne, down 5.6 per cent from a year earlier.

By origin, Indonesia remained China's largest supplier, although shipments fell 13.9 per cent on year to 15.34 million tonnes, the GACC data showed.

The decline was driven by a combination of tighter supply and weaker Chinese demand. On the supply side, Indonesia's planned production quota cuts, the prioritisation of domestic supply, and weather-related disruptions constrained exports.

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At the same time, rising global energy prices amid the Middle East tensions lifted seaborne coal prices and bunker fuel costs, eroding the economic viability of imports for Chinese buyers. Against this backdrop, utilities -supported by sufficient domestic supply, especially shipments under long-term contracts - scaled back seaborne procurement.

Imports from Australia also declined, falling 9.9 per cent on year to 3.82 million tonnes, while Russian imports edged down 2.6 per cent on year to 2.6 million tonnes, reflecting similarly subdued domestic demand persist. However, forward buying interest has started to emerge, with some coastal utilities seeking May-and June-loading cargoes in preparation for the summer peak demand season, which could support import volumes in the coming months.

Note: This news is published under a content and exchange agreement with Mysteel