The cooling import volume arrives despite a 3% monthly increase from August, highlighting a precarious balance between robust national stockpiles and a tightening supply chain. Domestic production has faltered throughout the year, hampered by stringent safety inspections following a major mining disaster in Shanxi province last May. These regulatory hurdles have kept output trending lower, even as the approach of winter forces authorities to prioritize energy security.
China Coal Imports Dip as Global Prices Hit Three-Year Peak
China imported 43.37 million tons of coal in September, a 5.7% decline from the previous year, as a combination of restricted Indonesian supply and aggressive domestic safety mandates drove benchmark thermal coal prices to their highest levels since 2021.
International market volatility further complicates the outlook. Indonesian exports, a cornerstone of China’s supply, have slowed due to government-imposed production quotas and weather-driven logistical disruptions that have hindered barge traffic. Consequently, spot thermal coal prices in China have rallied 24% since mid-July. With the nation still dependent on coal for nearly half of its power generation, Beijing has recently urged local miners to stabilize output to prevent further price spikes ahead of the peak heating season.
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