Shanghai coal imports jump in first two months

SHANGHAI - Imports of coal and lignite through Shanghai in January and February were up 150 percent year on year, the local customs authority announced on Tuesday.

Shanghai imported 1.94 million tons of coal and lignite in the first two months. The average price for a tonne of coal stood at 316 yuan ($49), down 6.2 percent year on year, according to the customs.

During the period, coal imports from Australia more than doubled year on year to 566,000 tons, encouraged by tax cuts due to a China-Australia free trade agreement that took effect in December.

Shanghai coal imports from ASEAN countries reached 1.2 million tons in the first two months, up 90.5 percent year on year and accounting for 62 percent of its total imports.

Increased power demand and China's dropping domestic coal inventory contributed to the jump in imports, according to the customs.