China’s coal imports fell 6% year-on-year in March 2025 to 38.73 million metric tons, the first such drop since March 2022, due to weak demand and high port stockpiles.
The slide in imports comes as domestic thermal coal prices dropped to 676 yuan per ton—the lowest since March 2021—driven by excess supply and sluggish consumption.
Despite increased operational costs, exporters like Indonesia have kept coal prices firm, prompting Chinese power plants to favor more affordable local coal.