This brings Jan–May’25 imports to 189Mt, down -8% YoY. The contraction reflects a surge in domestic output and a collapse in domestic 5,500 kcal/kg NAR thermal coal prices to a 4-year low of 632元/t, undermining the competitiveness of imports even as global prices remain weak. A combination of oversupply, subdued industrial demand, and growing renewable generation — now reaching 40% of total electricity output in 2025 — continues to displace coal-fired generation and suppress import demand.
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