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UPDATE 1-China's coal imports slip in October from recent highs

Published 08/11/2016, 02:43 pm
Updated 08/11/2016, 02:50 pm
© Reuters.  UPDATE 1-China's coal imports slip in October from recent highs

(Updates with numbers and backgrounds)

BEIJING, Nov 8 (Reuters) - China's coal imports slipped in October from a near record high the previous month, data showed on Tuesday, even as utiltiies scambled to replenish stockpiles of raw materials ahead of the winter.

Analysts said the drop may suggest there is less coal abroad to fill the domestic supply crunch in China than previously expected, rather than reflecting waning demand for the mateiral.

Imports of 21.58 million tonnes were still up 54.6 percent from a year earlier, while for the first 10 months imports rose 18.5 percent on year earlier to 201.74 million tonnes.

October's shipments were down from 24.44 million tonnes in September and more than 26 million tonnes in August, which was the highest in nearly two years.

Utilities and steel plants have been concerned at securing enough coal stocks for winter, helping spur a recent price rally.

Inventory held by China's six largest utilities in October was hovering around 20 days, a critically low level, data provided by Fenwei Energy, an energy consultancy firm, showed.

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