China and India have significantly increased their imports of seaborne thermal coal in March, reaching three-month highs, as the world's two largest buyers capitalize on lower international prices to meet surging domestic power demand.
China, the leading coal producer and importer globally, received 29.7 million metric tons of seaborne thermal coal in March, a notable increase from February's 23.03 million tons and higher than the 28.62 million tons in March 2023.
The surge in imports is driven by robust growth in power demand and competitive prices compared to domestic coal. China's power consumption was 11% higher in January and February this year compared to the same period in 2023, with electricity generation outpacing economic growth.
India also witnessed a significant rise in coal imports, reaching 15.21 million tons in March, up from 14.09 million in February and 13.41 million in March 2023. The country anticipates elevated coal demand as it braces for an increase in heatwave days between April and June.
Indonesia remains India's top supplier of seaborne thermal coal, while the US has seen an increase in exports to India, reaching a three-month high of 1.10 million tons in March.
The surge in imports from China and India reflects a global trend of rising coal demand amidst increasing power consumption and favorable pricing dynamics in the seaborne market.
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