China crude oil and thermal coal imports show shifting demand

China’s crude oil imports for the first ten months of 2026 fell to 399.90 million tonnes, representing a 15% decrease compared to the 470.94 million tonnes imported during the same period last year. This decline in demand from the world’s largest crude oil consumer may impact global oil market dynamics and pricing.

Regarding thermal coal, China’s 2026 seaborne thermal coal imports are estimated at a central case of 295 million tonnes. While provisional arrivals totaled 236.05 million tonnes as of late October, reaching the central target may depend on winter restocking and coastal buying. Current October arrival paces suggest an annual total of approximately 288.96 million tonnes, leaving a gap that seasonal procurement could potentially fill.