Chinese power plant coal stockpiles have climbed to approximately 83.3m tons as of the middle of this month, according to recently published data from New York-based Commodore Research. This marks the highest level seen since February 2015 and is also approximately 17m tons (25%) more than the recent low seen back in mid-August. It also marks a year-on-year increase of approximately 14m tons, or 20%.
Overall, Commodore’s tracking data shows that China’s coal import demand has remained firm again this week, but China’s ongoing climb in power plant stockpiles across the country remains “concerning”, the research outfit stated in a note to clients.
Regular Splash contributor Jeffrey Landsberg from Commodore told this site today that the huge stockpiles were an “immensely important development” and should put dry bulk owners on alert.