Coal news and updates

China coal imports down 7.7% year-on-year

China's coal imports declined 7.7% year on year to 243M tonnes in the first 10 months in 2014 due to competition from cheaper domestic coal.

The drop in coal imports accelerated in October, according to China's latest customs statistics.

Import prices fell 15.3% y/y to CNY475.6 ($77.6) per tonne on average.

It is estimated that the coal imports would extend declines in the months ending 31 December.

Earlier, the National Development and Reform Commission, a state economic planner, required that the country should cut its coal imports by 50M tonnes in 2014 from 2013. In the first three quarters ended 30 September coal imports shrank by 15.9M tonnes y/y.

Also, the recently reinstated duty of 3-6% on imported coal will reduce the competitiveness of the imported coal against domestic coal.

Source: IHS Maritime 360