China cuts purchases of Russian coal amid sanctions in 2024 - Reuters
China, the world's largest importer of coal, reduced purchases from Russia by 7% in 2024, which is 93.86 million tons.
This is reported by Censor.NET with reference to Reuters.
Reportedly, this is the first time in recent years that supplies from one of the key exporters have declined. The main reasons for this decline were international sanctions, China's reintroduction of import tariffs on Russian coal, and the introduction of domestic export duties in Russia.
Instead, the biggest beneficiaries of record imports were Australia, Indonesia and Mongolia. Australia, in particular, increased its supplies by 59%, reaching 83.24 million tons, which exceeded the level of 2020, when a trade conflict between Beijing and Canberra began. The restoration of diplomatic relations between the two countries also contributed to the resumption of barley and wine trade.
According to Reuters, imports from Mongolia increased by 19% to 82.82 million tons due to improved border infrastructure. Indonesia remained the largest supplier of coal, providing 236.99 million tons, which is 8% more than last year.
In 2023, China purchased a record 547.2 million tons of coal, accounting for 41% of global trade in this resource. This gives Beijing significant influence on international market pricing. However, the decline in purchases from Russia and the growth of imports from other suppliers demonstrate China's changing priorities, particularly in light of the sanctions pressure on Moscow.
