China’s August coal imports from Russia hit five-year high – customs data
STOCKS
China’s August coal imports from Russia hit five-year high – customs data
STOCKS

China’s August coal imports from Russia hit five-year high – customs data

 

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China’s coal imports from Russia rose in August to hit the highest in at least five years, as power utilities sought overseas supplies to meet soaring demand in extreme hot weather.

Arrivals of Russian coal reached 8.54 million tonnes last month, up from the previous peak of 7.42 million tonnes in July and 57% higher than in the same period last year, data from the General Administration of Customs showed on Tuesday. The figure marks the highest since comparable statistics began in 2017.

Imports from Russia have surged in recent months as Europe suspended purchasing from the country after the Russia-Ukraine was broke out, forcing Russian coal to be traded at a steep discount.Prices for Russian coal have climbed as both China and India stepped up buying, traders said, but were still cheaper than the domestic coal of same quality.