China’s energy imports declined in early 2025 after record coal and gas shipments in 2024 led to oversupply. Crude oil imports fell 5% to 83.85 million tons as buyers sought alternatives amid tighter US sanctions on Russian and Iranian cargoes. Weaker demand reflects China’s energy transition and economic shifts. Metals imports also dropped, with trade data combining January and February to account for Lunar New Year distortions.
China’s energy demand weakened due to faltering industry and a mild winter. Gas imports fell 7.7%, while coal rose 2.1% but remained below last year’s peaks. Oversupply will likely limit coal imports, while LNG imports hit a five-year low as traders favored Europe’s higher prices.
Metals also declined, with copper down 7.2% and iron ore dropping 8.4% due to increased domestic supply and Australian cyclone disruptions.Last year’s record steel-making material imports may have peaked, with high port inventories and planned steel output cuts set to dampen demand.
Among exports, aluminum declined after China removed its tax rebate on overseas sales. Steel exports increased but lagged behind last year’s second-half surge as global trade restrictions grew in response to excess Chinese supply.
