Seaborne power coal imports from China and India rose to a three-month high in March.
China, the world's largest coal producer and importer, imported 29.7 million tonnes of seaborne thermal coal in March, up from 23.03 million tonnes in February and up from 28.62 million tonnes in March 2023, according to commodities data provider Kpler. In the first quarter of this year, China's seaborne coal imports for power generation were 80.64 million tonnes, up 17.2% from 68.82 million tonnes in the same period in 2023.
The strong growth in China's coal imports is partly due to rapid growth in power demand and partly because seaborne coal prices are more competitive than domestic coal. In January and February this year, China's electricity consumption rose 11 per cent from the same period last year, and power generation grew 6.9 per cent, outpacing the economic growth rate of 5.2 per cent, official data showed. China's domestic coal prices are relatively high compared with overseas coal, with Qinhuangdao power coal closing at 825 yuan ($114) a tonne on Monday. Australian coal, on the other hand, fell to $87.37 a tonne in the week to March 28, as assessed by commodity price reporter Argus. Indonesian coal prices closed at $55.70 a tonne last week. Imported seaborne coal is currently slightly less expensive than domestic supplies, even after taking into account differences in freight rates, import duties and calorific values.
China imported 20.24 million tonnes of Indonesian power coal in March, up from 16.96 million tonnes in February. Power coal from Australia, on the other hand, reached a three-month high of 5.08 million tonnes, having imported 3.45 million tonnes in February.The situation was similar in India, where strong growth in power demand drove coal imports to 15.21 million tonnes in March, up from 14.09 million tonnes in February and 13.41 million tonnes in March 2023, Kpler data showed. The country's power coal imports stood at 42.79 million tonnes in the first quarter, up 23.8 per cent from 34.57 million tonnes a year earlier.
Market analysts believe India's coal demand will remain high as the South Asian country experiences a heatwave from April to June, with higher-than-normal maximum temperatures in most parts of the country. India's largest supplier of seaborne thermal coal is Indonesia, which imported 10.23 million tonnes in March, the highest level in four months.
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