Tariff commission: from today, coal import zero tariff!

In order to strengthen the security of energy supply and promote high-quality development, the Tariff Commission of The State Council issued a notice on April 28, 2022. From May 1, 2022 to March 31, 2023, the provisional import tariff rate of zero will be applied to all coal

Affected by the policy, as of April 28, the coal mining and processing sector as a whole rose 2.77%, China Coal energy rose by the daily limit, Shaanxi Coal, China Shenhua, Lu 'an Huaneng rose 9.32%, 7.73%, 7.02% respectively.

The industry believes that the temporary tax rate of coal import is zero or to reduce the cost of imported coal, to alleviate the "overseas coal prices rise sharply lead to domestic and foreign coal prices inverted, inhibit imports" this situation.

According to the National Bureau of Statistics, coal imports in March 2022 were 16.42 million tons, down 39.9 percent year on year. In the first quarter of 2022, China imported 51.81 million tons of coal, down 24.2 percent year on year. It is estimated that the import volume in the first quarter was only 200 million tons on an annualized basis, significantly down from 320 million tons in 2021.

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