Increase in Thermal Coal Imports

  In November 2025, both major Asian economies China and India experienced an increase in imported power coal, but rising prices may limit further growth in future imports

  According to data compiled by DBX Commodities, China, the world's largest coal importer, imported 30.96 million tons of power coal in November, an increase of 6.1% compared to October's 29.18 million tons. Although November's imported coal volume has shown a third consecutive month of环比 growth, it still significantly decreased compared to the same period last year, falling by 23.6% from November 2024's 38.19 million tons.

  As the second largest coal importer globally, India's power coal imports in November were 13.01 million tons, an increase of 5.1% compared to October's 12.38 million tons, and also higher than last November's 12.24 million tons, a growth of 6.3%.

  China and India's coal imports have increased.The imported price of power coal also basically reflects the changes in China's domestic power coal prices. It started to increase since mid-June and has recently slowed down somewhat.

  DBX analysis predicts that China's coal imports in December are estimated to be 31.33 million tons, slightly higher than November's imports but still lower than last December's 35.03 million tons.

  India's imported coal volume often peaks in the summer and increases in the winter. This winter, due to reduced industrial demand in India and increased renewable energy production, coal power generation has decreased, and import demand may decline.

  According to Grid-India data, in November, India's coal power generation fell by 5.8% compared to the same period last year, and there were seven months in the first eleven months of 2025 where coal power generation decreased compared to the previous year.

  DBX predicts that India's thermal coal imports in December will drop from 13.01 million tons in November to 12.15 million tons.

 From : www.cwestc.com

 Editor : Xu Xi