China’s Coal Imports Fall 5.7% as Domestic Prices Hit Three-Year High

China’s coal imports fell 5.7% in September from a year earlier as domestic thermal coal prices reached a three-year high and Indonesian shipments faced supply and transport constraints.

The country imported 43.369 million metric tons of coal and lignite during the month, compared with 46.003 million tons in September 2025. The September total was 3% above August’s 42.092 million tons. Imports reached 353.543 million tons from January through September, up 2.2% from the same period a year earlier.

At Qinhuangdao, spot thermal coal climbed to 986 yuan per metric ton in the week through Sept. 28, its highest level in three years and 24% above its mid-July level.

Domestic supply was constrained by safety inspections in Shanxi, a major coal-producing province. The inspections followed a deadly mine accident in May and restricted output. Indonesian exports also faced production-plan approval adjustments, while low river levels in Kalimantan disrupted coal shipments. China’s coal imports from Indonesia were down 25% year to date.

Demand indicators were mixed. Coastal power companies held higher inventories than in previous years, partly because a relatively cool summer reduced cooling demand. Fossil-fuel power generation fell 4.3% year over year in August as hydropower, nuclear and renewable generation increased. Coal supplies about half of China’s power generation.

Despite the monthly rebound, September imports remained below their level a year earlier. The nine-month total was higher, following stronger shipments in June and July as Shanxi mine inspections restricted domestic supply.