… switch to domestic coal reduced thermal coal demand from the seaborne market. Uncertainty surrounding Indonesian production quotas weighed on buying interest.
Although Jan’26 imports increased +11% YoY to 46.3Mt, volumes remained well below Dec’25’s record 58.6Mt and largely reflected Dec’25 procurement by Chinese utilities anticipating colder weather and tighter Indonesian supply in 2026. Consequently, total imports for YTD’26 rose just +1.5% YoY to 77.2Mt.
Looking ahead, import demand may remain subdued as Indonesian supply constraints persist, while firmer freight costs continue to narrow seaborne import arbitrage. For further insights, contact [email protected].