COMMODITIES(B-Trams):
SINGAPORE:After the country ended its zero-COVID policies, utilities replenished their stocks in anticipation of increased demand, which led to a 71% increase in China’s coal imports in the first two months of 2023 from a low base a year earlier.
Customs data on Tuesday showed that China, the largest consumer of coal in the world, imports 60.64 million tonnes of coal in January and February, up from 35.39 million tonnes during the same time last year. Due to the Lunar New Year holiday that lasted for a week and started at the end of January, data for the two months are combined.
Utilities moved forward acquisition of modest warm coal from Indonesia, while appearances from Mongolia additionally got following the facilitating of Coronavirus limitations. Hopes for an economic recovery this year that will increase power and coal consumption have been stoked by Beijing’s U-turn on its COVID-19 strategy at the end of 2022.
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In December, analysts from Wood Mackenzie predicted that China’s demand for coal would rise by 2% this year. In the midst of a rekindling of diplomatic ties between the two countries, China partially lifted an informal ban on the import of coal from Australia in January.
