Fuel unwanted elsewhere is diverted to the world's biggest consumer. Read more at straitstimes.com.
BEIJING – Falling coal prices could drive Chinese imports to all-time highs, as fuel unwanted elsewhere in the world is diverted to the biggest consumer.
The nation’s buying spree, particularly for the higher grades that its own miners struggle to produce, coincides with easing energy prices in the European Union after last year’s spike caused by Russia’s invasion of Ukraine. That’s luring cargoes at discounted rates from as far afield as South Africa and Colombia.
“Global prices have been hammered by weak EU demand, and more cargoes are coming to China instead of the EU or India,” Ms Su Huipeng, an analyst at the China Coal Distribution and Transport Association, told a briefing on Wednesday. Imports in the first four months of the year were already running at a breakneck pace, rising 89 per cent year-on-year to 142 million tons. The surge came after ChinaThe benchmark price for thermal coal at China’s key transport hub of Qinhuangdao has fallen 28 per cent this year and stockpiles at northern ports are at historic highs. International prices have plunged 63 per cent. China’s own output is also expected to break records by rising to as much as 4.
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