China's coal imports jump to new high in Q2023 XNUMX
China's coal imports soared to new highs in the first quarter of 2023 as utilities and manufacturing stockpiled in anticipation of increased energy consumption following the easing of covid-related restrictions.
The total volume of imports of thermal coal in March increased by 81% compared to the same period last year - up to 65,7 million tons.
Coal ports along China's south and east coast accounted for more than 45 million tonnes of total imports, signaling a surge in demand along the country's main production corridors.
Four key southern ports - Guangzhou, Qinzhou, Huizhou and Fangcheng - imported more than 13,2 million tons in total in March, more than 90% higher than the same period in 2022.
As China was largely sidelined from coal markets in 2022 due to the pandemic, the country's return to coal import markets in 2023 raises the possibility of a sharp increase in emissions from coal combustion by the world's largest producer and exporter of goods.
While China as a whole uses domestic coal to meet more than 90% of its demand for this type of fuel, most of South China's coal-fired power plants are overwhelmingly dependent on imports.
Long distances from China's main coal mines in the north make maritime imports from exporters like Indonesia more economical than inland rail and road transport for most southern electricity producers and coal-fired power plants and factories.
Collectively, all of China's major economic centers are on track to send thermal coal imports into the country to record levels in 2023, reversing China's coal consumption decline last year.
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