China is on track to import a record amount of coal this year as domestic demand for the fuel continues surging, according to the country's top coal industry group.

The China National Coal Association (CNCA) said on November 26 that full-year imports are forecast to reach around 450 million tonnes for 2023, eclipsing the previous record high of 327.02 million tonnes in 2013.

China's coal imports reached 383.64 million tonnes in the first ten months of 2022, a 66.8% jump from a year earlier, customs data showed.

The country imported 293 million tonnes of coal last year, hitting a four-year low amid a combination of historic high global prices, global supply crunches after the Russia-Ukraine conflict, and domestic Covid-related demand weakness.  

The CNCA made this prediction at a press conference for the 2024 China Coal Trade Fair, which will take place from December 5 to 8 in Tangshan, Hebei province.

At the trade fair, major coal miners and power producers are expected to sign medium- and long-term supply contracts for 2024.

China has largely relied on domestic coal to fuel its economy, with imports as a supplement for coastal power plants. In the first 10 months of this year, the country produced 3.83 billion tonnes of raw coal, 10 times of the volume imported in the same period.

About 75% of China's coal imports are thermal coal, while coking coal accounts for 20% and anthracite 5%.

(Writing by Alex Guo  Editing by Harry Huo)
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