Steam coal imports to China increased by 14.45 million during
the month of November, with an increase in imports by 30% over the month
before, according to data released by customs department.
China being the leading importer of the commodity and
imports for the first 11 months of the year to reach a sum total of 205.5
million tons representing a 30% jump compared to last year.
The increase in imports came due to 60% month on month jump in Indonesian
exports and recovery in shipments coming from South Africa.
The numbers were partly balanced by a 63% decline in US exports which was only
155,000 tons after a decline in freight charges had favored deliveries from
origins much closer to China. Said a commodity agent.
The news came on the same day as an announcement by China's National
Development and Reform Commission (NDRC) that it will stop regulating the
domestic coal market and end a system of annual price caps set far below market
value.
Coal exporters have been hard hit this year with Australian thermal coal
benchmark prices falling to $84/MT in December after starting the year at $124/ MT, showing a price drop of 32%.
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