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China imported three times more coal in November
China imported three times more coal in November this year compared to last. Deliveries last month rose to 35,05 million tons. This is the highest rate of imports of this product since the beginning of the year.
As reported "Vedomosti" with reference to the data of the General Customs Administration of the PRC, in general, coal imports for 11 months exceeded 290 million tons (an increase of more than 10% year-on-year).
China's thermal coal imports started growing in June, analysts said. The current record volume of imports is due to the fact that China is trying to fill storage facilities against the backdrop of increased gas prices and the projected cold winter.
The growth in coal imports is directly related to the surge in demand for electricity in the PRC. In ten months, electricity consumption in China has grown by more than 12% on an annualized basis. Last year, the share of coal-fired generation in China was 63% - this affected the growth in demand for coal.
According to the Federal Customs Service, in 2018, East Asia accounted for 43% of thermal coal exports from Russia, in 2020 - already 52%. According to forecasts, by the end of the current year, this share may turn out to be even higher. Experts believe that by the end of the year, Indonesia will be in first place in terms of coal supplies to China, while Russia will be in second place.