While U.S. tariffs and Indonesia’s pricing & royalties weigh on seaborne flows, China is shifting structurally towards more landborne coal. In 2024, landborne imports rose +20% to 100Mt. The multiplication of infrastructure projects — power transmission lines, coal gasification plants and railways projects (domestic or through Mongolia, Russia and even Kazakhstan) points to structural changes displacing seaborne coal imports from 2025 onwards (outside extreme weather event).
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