China imported 16.78 million mt of coal in January this year, constituting the lowest monthly import volume since May 2011, declining by 38.35 percent month on month and down 53.2 percent year on year, according to data issued by the Chinese customs authorities on February 8.
In 2014, China imported a total of 291.22 million mt of coal, down 10.9 percent year on year - the first year-on-year decline after five consecutive years of increase.
The China National Coal Association has estimated that China’s coal output in 2014 will be down 2.5 percent compared to 3.68 billion mt in 2013, which will be the first year-on-year decline in the national coal output since 2000.
As previously reported by SteelOrbis, starting from October 15 last year, China cancelled its zero import tariff rates on five coal products, and instead imposed three percent import duty on anthracite coal and coking coal, six percent duty on bituminous coal, and five percent duty on both coal briquettes and other coals. The new arrangement was aimed at limiting coal imports and helping struggling domestic producers against a backdrop of weakening prices, large debts and new domestic coal production capacities. Meanwhile, China’s export duty on coal was adjusted from 10 percent to three percent, effective as of January 1 this year.