China Oct coal imports down 6 pct on mth
China imported 3.49 million tonnes of coal in October, down 6 percent from the previous month, as demand for thermal coal fell, following slumping power output.
Total imports for the first 10 months of the year fell 15.2 percent from a year earlier to 35.92 million tonnes. China was still a small net exporter, according to data released by the General Administration of Customs on Monday.
Coal imports are likely to stay weak through the end of the year, as the outlook for demand remains downbeat.
“A significant rebound in coal imports is unlikely to happen in the next few months,” said Judy Zhu, an analyst at Standard Chartered Bank.
“There are still a lot of uncertainties as to what will happen to the economy.”
The Chinese government’s mammoth $586 billion stimulus plan will not be able to lift demand any time soon, analysts said.
“A rebound in electricity and coal demand is likely to happen in at least four to six months,” Zhu said.
Tags: coal, imports