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Reuters reported that China’s imports of coal dropped in August compared to the previous month due to weakened demand.
Reuters reported that China’s imports of coal dropped in August compared to the previous month due to weakened demand.
As quoted in the publication:
Coal imports by China, which accounts for about a quarter of global trade in the material, plummeted for the second month to 18.86 million tonnes in August, according to official data from the General Administration of Customs of China. That was the lowest since September 2012.
China’s coal consumption has been hit by a combination of slower economic growth, increased hydropower output and Beijing’s fight against pollution, causing local prices to slump to a six-year low.
Ren Zeping, an analyst at Guotai Junan Securities, told Reuters:
Import demand for commodities has slumped even on the back of falling prices, reflecting soft domestic demand. The outlook for the commodities sector remains weak in the face of the economic slowdown.