China has boosted its imports of coal and natural gas prices this year, taking advantage of lower prices to stockpile fuel ahead of the summer.
China has boosted its imports of coal and natural gas so far this year, as it looks to stockpile fuel for the power plants ahead of the summer amid international prices that were half last year’s levels in the first four months of 2024. Chinese imports of natural gas jumped by 21% between January and April compared to a year earlier, while imports of coal rose by 13%, according to data reported by Bloomberg on Monday.
China’s increased coal imports so far this year are defying earlier expectations that Beijing would see flat coal purchases in 2024. In March, an executive at China’s state-run utility Guangdong Energy Group said that Chinese coal imports this year were expected at around the record levels of 2023. However, data showed last month that China’s seaborne coal imports jumped by 17% in the first quarter.
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