Australian coal exports from the key harbour of Newcastle slid by 28% over the course of November to 7.1m tonnes amid the start of Chinese import restrictions, port data showed.
Shipments from Newcastle were also down 1.3m tonnes, or 15%, compared to November 2017. Port stocks swelled by 42% month on month in November to 2m tonnes.
China has imposed restrictions on coal imports from mid-November that will last until the end of the year. It is Australia’s second-biggest market for thermal coal after Japan.
On an annualised basis, Newcastle is on track to exceed last year’s export volumes, with year-to-date shipments totalling 97.4m tonnes – up 2m tonnes, or 2%, compared to this time last year.