The Magazine for Asian Investors
The China Customs Administration (GAC) reported that China’s coal imports fell 14% in January and February after Indonesia, China’s largest coal supplier, suspended exports for a month in January. As a result, coal imports were delayed.
According to GAC, China, the world’s largest coal consumer, imported 35.39 million tons of coal in January-February, compared with 41.13 million tons in the same period last year.
Indonesia, which supplies about 70% of the coal imported by China, imposed a temporary export freeze on Jan. 1 to prevent a blackout in the country. The restrictions were lifted again at the end of January, but coal prices have skyrocketed worldwide. Under the ban, the departure times of ships from more than 100 mining companies were postponed.
The Chinese government has ordered coal mining and port companies to immediately ramp up production to maximum levels to contain the heat in the energy market. Peak reported prices reached 700 yuan/ton ($110.72) and 900 yuan/ton in the northern port for coal.