China: Traders rush to Mongolian borders for coal supply as domestic prices surge

Amid a sharp rise in China’s domestic thermal coal prices, traders are looking at Mongolia to secure supplies. Thermal coal prices at Qinhuangdao climbed to RMB 1,520/t, up 16% m-o-m. Traders are heard making a profit of RMB 200/t by bringing Mongolian fuel to northern Chinese ports. Daily coal imports via Ganqimaodu at the Mongolian borders averaged about 90,000 t in Sep’22, up by 19% m-o-m.