Coking coal imports to China increased by 25.5% y/y in January-August 2022

The import of coking coal to China in January-August 2022 increased by 25.5% compared to the same period in 2021 – up to 38.58 million tons. SteelOrbis reports about it with the reference to the country’s customs authorities.

In the total imports for 8 months of 2022, the share of exporting countries in this period, in particular, was:

• Mongolia – 35% (13.1 million tons);
• Russia – 32% (12.3 million tons);
• Canada – 14.4% (5.5 million tons);
• USA – 9.5% (3.7 million tons).

In August 2022, China imported 6.4 million tons of coking coal, which is 36.8% more than in August 2021. Compared to the previous month, the import of coking coal to China increased by 4.7%. Inner Mongolia, the Russian Federation, Canada and the United States became the largest exporters in this period.

As GMK Center reported earlier, Fitch Ratings lowered its 2022 coking coal price expectations from $400/t to $370/t. At the same time, the supply of coking coal has improved, as production has resumed in Australia, and Russian producers have partially redirected exports from Europe to Asia. Also, prices for coking coal reached the lowest level, and some producers directed their products to the thermal coal market, where they benefit from high demand and prices.

As GMK Center reported before, Chinese steel companies in January-August 2022 reduced the import of iron ore by 3.1% compared to the same period in 2021 – to 772.9 million tons. In August 2022, China imported 96.2 million tons of iron ore, which is 1.3% less than in August 2021.