Chinese metallurgical coal imports from Russia hit a record high in April, shipping data show, driven by deep discounts compared to other suppliers and greater availability of bank credit for Chinese buyers.
A record 1.37 million tonnes of the main steelmaking raw material arrived in China from Russia by sea in April, according to data tracked by analyst firm Kpler. This compares to 922,673 tonnes in March and just under 750,000 tonnes in April 2021.
China imported an average of 4.55 million tonnes of coking coal monthly in 2021 from all its supply sources.
Global coal markets have faced turmoil since Russia’s invasion of Ukraine sparked concerns about sanctions on raw materials exported from Russia, the sixth-largest coal producer.
While most importers have avoided Russian supplies since Moscow launched what it calls a “special operation” in Ukraine in February, some buyers from China, the world’s biggest coal consumer, aggressively increased purchases last month after securing deals. of necessary credit with the banks.
Source: CNN Brasil
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