The Russia-Ukraine conflict has resulted in a global energy crisis and soaring energy prices. The soaring seaborne coal price is partly why China’s seaborne thermal coal import dropped 14 Mt or 20% to 54 Mt in the first four months of the year. China is now attempting to increase domestic supply to stabilise domestic prices and partly replace high-priced seaborne imports. So, will the weak demand for seaborne imports continue to the end of the year? Please read our report for more details.