Japanese power utilities are stepping up efforts to cut thermal coal import costs by switching to lower quality grades and widening import sources, company officials said, as Tokyo looks to fight inflation and boost energy security.
Although the prices have eased by 39% so far this year, utilities are concerned the market may rally again as top importer China recovers from COVID-19 lockdowns and will resume Australian coal imports from February.
Japan, world’s No. 3 coal importer, plans to diversify thermal coal imports by buying more from Africa, South AmericaJapanese utilities rely mostly on high-grade coal like that from Australia to maintain a heat level consistent with the installed boilers, but have been slowly increasing the use of cheaper coal since the liberalisation of the local power market in 2016 boosted competition.
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