Fri, February 28, 2014 8:55 am
DTC reports on China coal market read more below
January Chinese Imports – Breakdown: Both the headline and coking coal import figure for Jan were already reported by DTC, but the official breakdown of the rest of imports was released today. January’s imports (35.90 mm MT, up 1.27% seq and 17.54% Year on Year) were a record, as thermal strength far outweighed coking coal weakness.
- Anthracite: 3.82 mm, up 12.52% seq and 33.69% Year on Year, a nine-month high. Despite January’s strength, we expect anthracite imports to fall as Vietnam reduces exports to keep more coal for domestic use.
- Coking Coal: 5.70 mm, down 28.87% and 20.26% Year on Year. As we reported on Tuesday, Jan was the weakest month since June ’13, and confirms that China sitting on the sidelines coincided with the steep decline in coking coal prices.
- Steam/Bit: 14.07 mm, up 16.71% seq and 28.71% Year on Year. A new record for bituminous thermal coal imports and strong imports may partially explain why China’s domestic thermal prices were under significant pressure in January, as Chinese buyers picked up cheap international tons in Dec.
- Steam/Subbit: 4.45 mm, up 1.31% seq and 5.76% Year on Year.
- Lignite: 7.86 mm, up 3.50% seq and 45.65% Year on Year. Jan was the strongest month on record, and casts doubts over whether potential quality restrictions on imports will ever come to fruition.