China's coal imports stood at 24.91 million tonnes in January, surging 64.4% from the year-ago level, thanks to the domestic capacity cut campaign carried out since last year, showed data released by the General Administration of Customs (GAC) of China on February 10.
However, the volume was 7.19% lower than last December, impacted mainly by slack demand from end users amid the Spring Festival holidays.
The value of coal imports in January was $2.34 billion, increasing 225.4% year on year and 5.92% month on month. That translated to an average price of $93.97/t, rising $46.5/t on the year and up $11.63/t from the previous month.
By end-January, coal stockpiles at coastal power plants of six major power companies stood at 10.89 million tonnes, down 2.51% from a month earlier.
Their coal consumption decreased by 40.2% month on month to 429,000 tonnes by the end of January, which was enough to cover 25 days of use, 10 more days than the month prior.
China's coal imports were on the decline after a record high of 327 million tonnes in 2013. In 2015, the volume slumped nearly 30% year on year to a new low of 204 million tonnes, while the drop narrowed to 25.2% last year, with coal imports totaling 255.51 million tonnes.
(Writing by Tammy Yang Editing by Harry Huo)
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