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Stock impact report

China is ramping up coal imports from Russia — but not Australia [CNBC]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: CNBC
Despite China’s increased need for coal, reported imports of thermal coal from Australia remained zero, as they have been since an unofficial ban took place in late 2020. This “illustrates the economic costs and dislocations that can be created when trade restrictions are used as a means to apply geopolitical pressure,” said Stephen Olson, senior research fellow at the Hinrich Foundation. BEIJING — As China tries to resolve its power shortage, the country is also ramping up its coal imports — bringing in three times as much coal from Russia compared to last year, China customs data show. Reports of power cuts at factories across China intensified in September as local governments struggled to balance rising demand for electricity with efforts to reduce carbon emissions. Initial trade data showed China’s imports of coal surged by 76% from a year ago in September to 32.9 million tons. New customs data out late Tuesday showed that much of the coal came from Russia and Indonesia — not Show less Read more
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