SINGAPORE: China’s coal imports in the first two months of 2023 surged 71% from a low base a year earlier as utilities replenished stocks in anticipation of greater demand after the country abandoned its zero-COVID policies.
China, the world’s largest coal consumer, imported 60.64 million tonnes of coal during January and February, up from 35.39 million tonnes in the same period last year, customs data showed on Tuesday. Data for the two months is combined due to the week-long Lunar New Year holiday that began in late January.
Utilities stepped up purchases of cheap thermal coal from Indonesia, while arrivals from Mongolia also picked up following the easing of COVID restrictions. Beijing’s U-turn on its COVID-19 strategy in late 2022 has stoked hopes for an economic rebound this year that would boost power and coal consumption.
Analysts from Wood Mackenzie said in December they expected China’s coal demand to increase 2% this year. China in January partially eased an unofficial ban on Australian coal imports amid a rekindling of diplomatic ties between the two countries.—Reuters
Comments
Comments are closed for this article.