China increases its imports of Russian coal
(MENAFN) Russian seaborne coal supplies to China increased by 55% in the first 28 days of June compared to the same period last year, according to S&P's Commodities at Sea database. In May, supply increased by 20% year on year to 5.5 million tons.
“Despite lower demand and higher domestic coal production, China has been buying significantly [more] Russian coal since May 2022,” S&P Global Market Intelligence Associate Director Pranay Shukla informed a news agency. “This is because Russia has been offering very steep discounts on prevailing international coal prices.”
Overall coal imports into mainland China were lower, according to Shukla, due to weaker demand under rigorous Covid shutdown measures.
According to statistics, China is Russia's top coal client, importing more than 50 million tons of the product worth $7.4 billion last year through train and sea from Russia's Far East. Russia contributed for nearly 15% of total Chinese imports and was the country's second-largest supplier after Indonesia.
Metallurgical coal accounts for about half of Russian imports, and Chinese purchasers are eager to increase their purchases despite the difficulty in obtaining financing from state banks concerned about impending penalties.
MENAFN04072022000045011137ID1104475989
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.