China Crude Imports Hit Record, Coal Imports Fall

Crude oil imports jump to 7.37 mln bpd, record high; coal imports fall 26.4 pct in April on year earlier.

China's crude oil imports hit a record high in April as falling prices encouraged stockpiling, but coal imports plunged and shipments of other commodites generally eased on a year earlier amid a sluggish economy.

China's exports unexpectedly fell 6.4 percent for the month, while imports tumbled by a deeper-than-forecast 16.2 percent, fueling expectations that Beijing will quickly roll out more stimulus to avert a sharper economic slowdown.

China, the world's second-largest crude oil buyer, imported a higher-than-expected 7.4 million barrels per day in April, up 8.6 percent on a year ago, as oil firms built up stocks despite tepid underlying refined fuel demand, especially for diesel.

With oil prices down 40 percent from last June's highs, China has been adding to its strategic reserves, although some analysts say imports may now pull back as the country starts to run out of storage space.

Coal imports by the world's top coal burner fell 26 percent from a year ago, extending a sharp scaleback in the first quarter due to weak demand, ample domestic supplies and tighter environmental controls.

"Demand for thermal coal is terribly weak, while domestic supplies are plentiful," said a Beijing-based coal trader.

Thermal power generation, predominantly fired by coal, fell nearly 4 percent in the first quarter of the year, as the world's second-largest economy shifted away from energy-guzzling sectors and boosted cleaner fuels such as hydro, nuclear and wind.

Copper imports fell 4.4 percent in April from a year earlier. Imports in the in the first four months dropped 14 percent on year earlier to 1.53 million tonnes, customs data showed.

Iron ore imports inched down 0.4 percent to 80.21 million tonnes in April from March, and fell 3.8 percent from a year ago, as the faltering economy pressured demand for the steelmaking ingredient from the world's top consumer.

Steel mills, however, took advantage of lower production cost and healthy orders abroad and exported 10.9 percent more steel products last month versus March, despite the scrapping of an export rebate on boron-added steel products.

April imports of soybeans were down down 18.3 percent from a year ago after a truck strike in early March in Brazil, the world's top exporter, delayed shipments.