China’s imports of major commodities were mixed in August, with ongoing weakness in crude oil and natural gas but strength in coal and copper.
However, where recovery was evident, probably temporary factors were driving it, rather than any underlying resurgence in demand. The world’s second-largest economy continues to struggle with the effects of its strict covid-19 lockdowns and an embattled property sector.
It’s also interesting to note that the rise in coal imports appears not to have come from the seaborne market, with both Refinitiv and commodity analysts Kpler showing relatively stable arrivals at ports in August from July. Mongolia supplies mainly coking coal, used to make steel. Given that China has yet to resume importing coking coal from Australia, the world’s largest shipper of that grade, it’s not surprising China has been buying more from its northern neighbor.
China’s other major supplier of coal is Indonesia, with Kpler estimating August imports at 15.76 million tonnes, up from 14.12 million in July. China’s inventories of copper have also been falling, with Shanghai Futures Exchange stocks hitting the lowest since January in the week to Aug. 19, when they stood at 31,205 tonnes.
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