China's coal imports reached a record 54.98 million tons in November, according to the General Administration of Customs, surpassing the previous high of 47.59 million tons set in September.
From PENGPAI
China's coal imports reached a record 54.98 million tons in November, according to the General Administration of Customs, surpassing the previous high of 47.59 million tons set in September. This marks a 26.38% increase compared to November 2023 and an 18.89% rise from October 2024, making November the highest single-month coal import volume in the country's history.
In 2023, the price advantage of imported coal over domestic supplies, coupled with China's zero-tariff policy on coal imports, led to a sharp rise in shipments. Total coal imports for the year reached approximately 474 million tons, a 61.8% increase compared to 2022, setting a new record. This surpasses the previous highest annual import figure of 327 million tons, recorded in 2013.
The trend of rising coal imports has continued into 2024. The price differential between domestic and international coal remains the primary driver behind this growth. Between January and November 2024, China imported a total of 490.35 million tons of coal, an increase of 14.8% compared to the same period in 2023. As a result, total imports for the year have already exceeded the previous year’s entire import volume.
With the price gap still favoring imported coal, and with colder temperatures expected to push up demand for energy in the coming months, it is anticipated that China's appetite for imported coal will remain strong through December and into the winter season.