China's April Thermal Coal Imports Slumped While Coking Coal Stayed Strong

According to data from the General Administration of Customs of China, China imported 33.083 million tonnes of coal in April 2026, down 4.742 million tonnes, or 12.5%, from a year earlier. Compared with March, imports fell by 5.976 million tonnes, or 15.3%. Overall, the decline was mainly driven by a sharp reduction in thermal coal imports, while coking coal imports continued to remain at elevated levels.

Coking Coal Imports Remained Strong, with Mongolian Coal Taking a Larger Share

China imported 11.3 million tonnes of coking coal in April, accounting for 34.2% of total coal imports, the highest proportion on record. Excluding February, which was affected by the Lunar New Year holiday, China’s monthly coking coal imports have consistently remained above 10 million tonnes since August 2025.

In terms of supply sources, Mongolia and Russia continued to dominate China’s coking coal imports. In April, China imported 7.711 million tonnes of coking coal from Mongolia, up 0.9% month-on-month and surging 59.4% year-on-year. Imports from Russia totaled 2.683 million tonnes, down 20.6% from March but still 6.3% higher than a year earlier. Combined, the two countries accounted for more than 90% of China’s total coking coal imports.

Thermal Coal Imports Fell to the Lowest Level in Nearly Three Years

In contrast, thermal coal imports weakened significantly. China imported 21.783 million tonnes of thermal coal (non-coking coal) in April, down 18.2% month-on-month and 24.6% year-on-year, marking the lowest monthly level since August 2022. During January–April, cumulative thermal coal imports totaled 105.814 million tonnes, down 9.1% year-on-year.

Among the major suppliers, imports from all key thermal coal exporters except Mongolia declined noticeably:

• Indonesia: 11.068 million tonnes, down 27.8% month-on-month and 21.5% year-on-year
• Australia: 3.772 million tonnes, down 1.3% month-on-month and 42.8% year-on-year
• Russia: 2.528 million tonnes, down 21.5% month-on-month and 47.7% year-on-year

Meanwhile, thermal coal imports from Mongolia rose against the broader trend to 3.615 million tonnes, up 3.6% month-on-month and 66.3% year-on-year.

Rising International Coal Prices and Negative Import Margins Weighed on Buying Interest

The decline in imports in April was mainly driven by disruptions in global energy supply chains, rising international coal prices, and tightening domestic coal supply conditions in Indonesia, all of which weakened the competitiveness of imported coal in the Chinese market.

It is worth noting that most coal cargoes arriving in April were contracted in March. According to monitoring and estimates by CCTD, domestic coal prices in March were significantly lower than import prices, leading to a price inversion between domestic and imported coal. As a result, trading activity in the imported coal market remained sluggish, while purchasing interest from coastal end-users weakened noticeably.

Against this backdrop, exports to China from major thermal coal suppliers all declined on a monthly basis except for Mongolia, reflecting reduced purchasing activity by Chinese buyers amid higher import costs.

Thermal Coal Imports May Recover in May

Market conditions began to shift in May. As domestic coal prices rebounded rapidly, the price inversion between domestic and imported coal narrowed, allowing some imported coal grades to regain pricing advantages. At the same time, amid firm global energy prices, relatively low inventories at some coastal power plants, and the approaching summer peak demand season, utilities in southeastern and southern coastal China have increased tender activity and procurement of imported coal.

Overall, China’s thermal coal imports are expected to post a noticeable month-on-month recovery in May, although the pace of further growth will still depend on domestic coal price trends, international supply conditions, and the pace of downstream restocking demand.