BEIJING: China’s imports of Russian metallurgical coal, a key feedstock for steelmaking, hit a record in April, shipping data shows, driven by steep discounts compared with other suppliers and increased availability of bank credit for Chinese buyers.
China imported an average 4.55 million tonnes of coking coal monthly in 2021 from all sources
Global coal markets have been in disarray since Russia’s invasion of Ukraine triggered worries of sanctions on raw materials exported from Russia, the sixth-largest coal producer.
While most importers have shunned Russian supplies since Moscow launched its so-called special operation in February, some buyers in top coal consumer China aggressively stepped up purchases last month once they had secured the necessary credit arrangements with banks.
Coal trade between China and Russia stalled in late February when banks suspended issuing letters of credit as the United States and allies vowed to block certain Russian banks’ access to the SWIFT international payment system. (ANI)