BEIJING: The coal imports of China have dropped 10.9% year on year to 290 million tonnes in 2014 due to government restrictions on coal imports and competition from cheaper domestic coal.
The drop in coal imports widened in December from November 2014, according to China’s latest customs statistics published today.
The average import prices for 2014 were similar to the first 11 months in 2014, falling 15.2% y/y to CNY472.8 ($77.5) per tonne on average.
The drop in coal imports for 2014 has roughly met the target set by the central government. Earlier in 2014, 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 2013, China’s coal imports saw its record high, jumping 13.4% y/y to 330M tonnes.
More than 90% of the country’ coal imports are seaborne, according to China National Coal Association.
Also, the recently reinstated duty of 3-6% rate on imported coal will reduce the competitiveness of imported coal against domestic coal.
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