The Magazine for Asian Investors
The China Customs Administration (GAC) said China’s coal imports rose about 24% in July from June, near the highest level this year, as power plants buy more coal to meet summer demand.
According to GAC, China imported a total of 23.52 million tons of coal in July, up from 18.98 million tons in June but down 22% from July last year.
In the first 7 months of this year, China imported 138.52 tons of coal, 18% less than the same period last year.
The Chinese government has not committed to any power allocation this year and has asked coal-fired power plants, which generate about 60% of China’s electricity, to increase their coal stockpiles.
Refinitiv data show that China’s imports of Russian coal reached a record 7.38 million tons in July.
However, analysts expect demand for coal to decline as the heat in China eases. Meanwhile, industry activity remains sluggish due to COVID-19 containment measures.