Chinese coal importers are planning to decrease shipments due to the weak market conditions that have resulted in significant financial losses this year.
Discussions are underway between buyers and international miners to secure fewer long-term contracts starting in 2025.
The losses are primarily due to imports of thermal coal, which is crucial for power generation, from major suppliers such as Indonesia, Russia, Australia, and Colombia.
This change in strategy reflects the difficulties faced by Chinese buyers in navigating the current coal market landscape.