In 2009, the global coal market witnessed one of the most dramatic realignments it has ever seen – China, long a net exporter of coal, suddenly imported a record-smashing 126 million metric tons (Mt) (see Figure 9.1). This inversion of China’s role in global coal markets meant that Chinese imports accounted for nearly 15% of all globally traded coal, and China became the focal point of global
... [Show full abstract] demand as traditional import markets like Europe and Japan stagnated in the wake of the financial crisis. By the first quarter of 2010, even Colombia was defying established trade patterns by sending cargoes to China despite its massive geographic disadvantage when it comes to exporting coal into Asian markets. The middle kingdom’s appetite for imported coal seemed insatiable, and the “China Factor” appeared to have ushered in a new paradigm for the global coal market.