China Sets Record for Russian Coal Imports

China broke a five-year record in coal imports from Russia. Coal imports from Russia increased by 14 percent in July compared to the previous year, hitting a five-year high.

China's coal imports from Russia surged 14 percent in July from a year earlier, hitting a five-year high, as China bought coal at a discount and European countries imposed sanctions over its war on Ukraine. China imported 7.42 million tons of coal from Russia last month, according to data released by the General Administration of Customs on Saturday. The figure was up from 6.12 million tons in June and 6.49 million tons in July 2021. The embargo by European countries has pushed Russia to target buyers such as China and India and sell at a steep discount. Russian thermal coal with a calorific value of 5,500 kilocalories (kcal) traded at around $150 a tonne on a cost and freight basis in late July, while coal of the same quality at the Australian port of Newcastle was reportedly fetching more than $210 a tonne.

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