In 2023, China’s coal imports amounted to 474.416 million mt, increasing by 61.8 percent year on year, as announced by the Chinese customs authorities on January 12.
In December last year alone, China’s coal imports totaled 47.297 million mt, up 8.7 percent month on month, while rising by 53 percent year on year.
The extension of the zero import tariff on coal contributed to the rapid growth seen in China’s coal imports in 2023. However, since January 1 this year, China reinstated the import tariff on coal. Accordingly, China is now implementing the most favored nation (MFN) tax rates of three percent on anthracite coal, coking coal and lignite and six percent for other coals, from countries including Russia, the US, South Africa and Inner Mongolia, while it is implementing zero import tariff on coal from Australia and Indonesia, all of which will weaken the price advantage of imported coal. It is thought that China’s coal imports will decrease in 2024 due to the anticipated reduced price gap between domestic and overseas coal.