BEIJING: China, the world’s top coal importer, bought less Russian coal in 2024 while increasing purchases from other key suppliers, led by Australia, during a record year for coal imports, customs data showed on Monday.
Purchases by China last year reached an all-time high of 547.2 million tons, or a record 41% of globally traded coal, according to LSEG research, giving China increased pricing power in international markets.
Chinese demand is helping support prices at levels that, according to the International Energy Agency (IEA), are 50% higher than the average during the 2017-19 period.
Last year, imports from top supplier Indonesia ticked up 8% to 236.99 million tons, although that lagged the 14.4% growth overall in coal imports.
China’s coal imports hit record high in 2024
While Russia remained China’s number-two coal supplier it was the only key producer whose shipments to China fell in 2024.
Chinese imports from Russia slipped 7% from 2023 levels to 93.86 million, weighed down by sanctions, reinstated import tariffs by China, and export duties that Russia imposed during the year.
Australian exporters by contrast were the biggest beneficiary of the record imports.
Imports from Australia jumped 59% on the year to 83.24 million tons, surpassing the level in 2020, the last full year before China put an informal ban on imports of Australian coal.
China had imported 77.51 million tons of Australia coal in 2020, then bought almost none in 2021 and 2022.
It lifted the restrictions on coal in January 2023 amid a warming of Beijing-Canberra relations that also led to the resumption of barley and wine trade.
Mongolian coal imports by China also rose 19% to 82.82 million tons because of improved cross-border infrastructure, but it was narrowly overtaken by Australia and fell to fourth place.
Comments