China and India Step Up Thermal Coal Imports — But Rising Prices Could Clip Demand Gains

Asia’s two largest coal importers — China and India — increased their thermal coal imports recently, yet a surge in global coal prices may limit how much more they bring in going forward.
Reuters
MINING.COM
According to data from commodity trackers, China imported around 30.96 million metric tons of thermal coal in November 2025, while India’s imports were about 13.01 million tons.
Reuters
The rise in imports followed a steep price decline earlier this year — which made coal more affordable — but prices have since rebounded sharply.
MINING.COM
Analysts note that coal at ports such as Qinhuangdao in China recently hit around 810 yuan per ton — still some 33% above mid-year lows.
MINING.COM
Higher prices reflect tighter domestic supply in China after output cuts aimed at curbing overcapacity.
MINING.COM
For China, the need to stockpile ahead of winter — when electricity demand typically spikes — could sustain import levels despite rising prices.
MINING.COM
However, in India, the outlook is less bullish. Imports are expected to ease as coal-based power generation declines and renewable energy contributes more to the power mix.
MINING.COM
In short: while the current uptick signals renewed dependence on imported thermal coal, high prices may dampen further growth. For both countries, the balance between energy demand, domestic output, and costs will determine whether this trend holds or reverses.