Chinese Thermal Coal Imports Stormed to a Record Monthly High of 14.45 Million Mt

Chinese thermal coal imports stormed to a record monthly high of 14.45 million mt in November, a rise of 30% compared with October's mark, boosted by higher Indonesian shipments, according to China customs data released Friday. 

Combined November deliveries of Indonesian bituminous and sub-bituminous coal landing in China were 8 million mt, up 60% compared with the previous month, but just 1% higher than the year-ago period. 

Indonesia also shipped over 5 million mt of low-grade material classified as lignite in November, up 11% compared with October's total. 

Australia was the second largest steam coal exporter to China in November, shipping 3.89 million mt of bituminous coal, up 25% compared with its November 2011 total and up 6% on October volumes. 

Chinese imports of South African thermal coal, which had been waning over the last two months, found firmer footing at 851,618 mt in November, up 8% month on month, although 48% lower than the corresponding 2011 period. 

The 700,000 mt of bituminous South African material that landed in China in the most recent month was priced at an average of $104.47/mt, according to the data, suggesting that the deliveries were of higher calorific value Richards Bay 6,000 kcal/kg NAR coal. 

Platts 90-day Richards Bay FOB closing prices averaged $82.80/mt in October -- when most South African coal that landed in China in November would have loaded -- leaving enough of an arbitrage to ship into China economically. 

Chinese thermal coal imports from the US slumped 63% to just 155,151 mt in November with sources saying a drop in freight rates had favored deliveries from origins much closer to China.