China’s coal imports from Russia hit five-year high in July, Indonesian shipments remains 40% down from year-ago level
COMMODITIES DATA
China’s coal imports from Russia hit five-year high in July, Indonesian shipments remains 40% down from year-ago level
COMMODITIES DATA

China’s coal imports from Russia hit five-year high in July, Indonesian shipments remains 40% down from year-ago level

 

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China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted coal while Western countries shunned Russian cargoes over its invasion of Ukraine.

China imported 7.42 million tonnes of coal from Russia last month, showed data from the General Administration of Customs, marking the highest monthly figure since comparable statistics began in 2017, up from 6.12 million tonnes in June and 6.49 million tonnes in July 2021.

Russian thermal coal with a heating value of 5,500 kcal traded around $150 a tonne on a cost-and-freight basis in late July, while coal of the same quality at Australia’s Newcastle port was assessed at over $210 a tonne on a free-on-board (FOB) basis.

China’s coal imports from Indonesia, mostly cheap, low-quality thermal coal with a heating value below 3,800 kcal, were 11.7 million tonnes, up 22% from June but down 40% from a year earlier. China has reduced its overall coal imports in recent months amid surging domestic output.

Indonesian thermal coal with a heating value at 3,800 kcal changed hand at about $78 a tonne on a FOB basis last week, which would still below about 690 yuan ($101) for local coal when considering shipping costs.