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World NewsChina is ramping up coal imports from Russia — but not Australia

China is ramping up coal imports from Russia — but not Australia

This photograph taken on October 24, 2021 exhibits coal being loaded on a cargo ship in Jiujiang, in China’s central Jiangxi province.

STR | AFP | Getty Images

BEIJING — As China tries to resolve its energy scarcity, the nation is additionally ramping up its coal imports — bringing in thrice as a lot coal from Russia in comparison with final 12 months, China customs information present.

Reports of energy cuts at factories throughout China intensified in September as native governments struggled to stability rising demand for electrical energy with efforts to scale back carbon emissions. Initial commerce information confirmed China’s imports of coal surged by 76% from a 12 months in the past in September to 32.9 million tons.

New customs information out late Tuesday confirmed that a lot of the coal got here from Russia and Indonesia — not Australia. In 2019, the nation had accounted for about 38% of China’s imports of thermal coal, the first gasoline for electrical energy manufacturing.

China’s thermal coal imports surge (2018-2021)

Source: Wind

China imported about 3.7 million tons of thermal coal from Russia in September, based on customs information accessed by means of Wind Information. That’s up 28% from August and greater than 230% greater than a 12 months in the past.

The surge is not a one-off. China’s imports of thermal coal from Russia have both doubled or tripled from 2020 ranges each month since May. The month-to-month figures this 12 months additionally stay nicely above pre-pandemic ranges in 2019.

“This demonstrates that China still needs the global trade system, despite its concerted efforts to reduce its dependence on trade,” mentioned Stephen Olson, senior analysis fellow on the Hinrich Foundation, a nonprofit group targeted on commerce points.

Read extra about China from CNBC Pro


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