China's Nov coal imports plunge 20%
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Update time : 2025-12-10 20:28:38
Based on an import value of USD3.21 billion – down 35.3 per cent y-o-y but up 7.7 per cent M-O-M – Mysteel Global estimated the average import price at USD72.8per tonne, marking a 19.2 per cent decrease from November last year and a 2 per cent increase from October.
The year-on-year drop was largely a result of the exceptionally high base last year. In November 2024, China's coal imports hit a record 5G.98 million tonnes, driven by abundant global supply, seasonally strong domestic demand, and favourable price arbitrage that collectively pushed volumes to an all-time high.
While some market participants linked this November's lower imports to a narrowed price advantage, Mysteel Global found the arbitrage window had actually widened. Indonesian 3,800 kcal per kg NAR thermal coal cargoes maintained a price spread above RMB 100per tonne over domestic equivalents throughout November on a CFR South China basis with VAT, compared with a spread of roughly RMB 80-114 per tonne in the same month last year. This indicates that price may not have been the primary driver.
