In Chinese ports, coal stocks accumulate and are currently at the highest level since autumn 2008, at the beginning of the global economic crisis. In mid-June, 9.46 million tons of coal were stored, for a total capacity of Chinese ports just above 10 million tonnes.
Due to the global economic slowdown, Chinese factories are running at lower capacity, leading to lower electricity and coal consumption. The growing power need has fallen sharply in recent months, but coal imports remained unchanged.
When the economy was thriving, inventories at Chinese ports did not exceed six million tonnes. The main power stations have sufficient reserves to ensure electricity generation for the coming months and have stopped buying for the time being.
So, after iron ore stored in the ports warehouses drastically increased, it is now coal‘s turn.