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China imported 22.19 million mt of coal -- including lignite, thermal and metallurgical coal in
May, down 10.45% from the 24.78 million mt imported in April but up 16.61% from the 19.03
million mt in May last year, according to preliminary figures released Thursday by the Gener
al Administration of Customs.
Imports over January-May rose 29.6% year on year to 111.68 million mt.
"The rising total coal imports momentum [was] sustained in May, though weakened 10.5% on
a month-on-month basis," Citi analysts said in a note. "Strong year-on-year imports were
thanks to continued restocking demand at mines, ports and mills and positive coking coal
import arbitrages since April."
China exported 1.31 million mt of coal in May, up 84.51% year on year, the GAC data
showed.
Domestic thermal coal supply should be sufficient in the second half of this year since the
China government scrapped the 276-working day policy, Citi analysts said.
"Demand for thermal coal may also face a challenge from rising hydropower generation," Citi
said.
April coal exports were 0.89 million mt and May 2016, 0.71 million mt.
Exports over January-May increased 15.96% year on year to 4.65 million mt, compared with
4.01 million mt in the same period in 2016.
The customs data does not include a breakdown of May imports and exports. That will be
available later this month.
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