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HomeEconomyChina clears its backlog of stranded Australian coal — but don’t expect...

China clears its backlog of stranded Australian coal — but don’t expect Beijing to buy more soon

China has finished clearing a backlog of stranded Australian coal amounting to over $1 billion, China customs data shows.

But analysts say it’s not likely that Chinese coal buyers will start purchasing new supplies of Australian coal anytime soon. That’s because coal inventories have been building up, local production is higher, and there are now higher supplies from exporters such as Russia purchased at a discount.

Since October, Beijing has been unloading cargoes of Australian coal stranded outside Chinese ports after the world’s second largest economy experienced one of its worst power outages on record.

Power cuts swept across China after power stations reduced their production of electricity to stave off losses as coal prices soared.

In 2020, China placed restrictions on Australian coal exports and other goods following a diplomatic fallout between the two countries. Many vessels en route to China became stranded off the coast…

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