- Imports rise 8% m-o-m in Sep’25, drop 11% y-o-y in Jan-Sep
- Pre-holiday restocking, infrastructure demand boost volumes
China’s coal and lignite imports recorded a sharp m-o-m rise of 7.64% to 46 million tonnes (mnt) in September 2025, compared with 42.74 mnt in August. However, cumulative imports for January-September 2025 dropped by 11.11% to 345.89 mnt, against 389.1 mnt in the same period last year, reflecting weaker demand in earlier months.
Monthly imports reach 2025 peak
September marked the highest monthly import level of coal and lignite this year. The surge was mainly driven by strong inflows from top suppliers such as Indonesia, Russia, Australia, and Mongolia, who maintained or expanded export volumes to China.
Restocking ahead of energy, construction demand
The rise in imports was also influenced by pre-holiday restocking and expectations of higher industrial activity in the coming months. End-users and traders replenished inventories before the National Day and Mid-Autumn Festival holidays, when logistics and transportation typically slow down.
Additionally, China’s focus on construction and infrastructure expansion has boosted fuel and energy demand expectations, prompting utilities and industries to increase stockpiles of coal and lignite.
Outlook
Imports may remain steady in October, supported by autumn industrial demand and possible supply tightening from domestic mines under safety checks. However, the market will likely remain cautious, balancing between ample port inventories and uncertainties in steel and power demand. Overall, China’s September coal import surge underscores a strategic restocking phase amid evolving industrial dynamics.
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