China In-Focus — Stock ends higher; Russian gas, coal imports increased; Soybean imports from Brazil dropped
BEIJING: Shares in Mainland China tracked global peers higher on Wednesday, while an official pledge to support the economic recovery from the COVID-19 fallout also helped lift market sentiment.
The Shanghai Composite index was up 0.77 per cent at 3,304.72 points at close, while the blue chip CSI300 index was up 0.34 per cent at 4,283.8 points.
The financial sector sub-index rose 0.17 per cent, the consumer staples sector rose 0.32 per cent, and the health care sub-index ended with a gain of 0.95 per cent.
China increased Russian gas imports: Gazprom
Kremlin-controlled energy giant Gazprom said on Wednesday that China was increasing Russian gas imports through the Power of Siberia pipeline, while supplies hit a new daily record high on July 19.
It also said that the company is supplying gas to China above its daily contractual obligations. The company did not provide any figures.
China’s Russian coal imports up 22 percent due to cheaper materials
China’s coal imports from Russia rose 22 percent in June from a month earlier, despite a drop in its overall coal purchases as traders were drawn to discounted cargo following Western sanctions on Moscow over the war in Ukraine.
Russia, the world’s biggest consumer of fossil fuels, brought in 6.12 million tonnes of coal last month, data from the General Administration of Customs showed on Wednesday.
This is compared to 5.01 million tonnes in May and 5.24 million tonnes in June 2021.
China has been increasing coal imports from Russia since March, when global coal prices hit record highs, but Russian cargoes were traded at a steep discount as Western allies attacked Moscow after Russia invaded Ukraine. distanced himself from doing business with
Soybean imports from Brazil dropped in June
China’s soybean imports from Brazil fell in June, while shipments from the US increased, customs data showed on Wednesday, as higher prices curbed demand for South American cargo.
China, the world’s top soybean buyer, imported 7.24 million tonnes of oilseeds from Brazil in June, up from 10.48 million tonnes a year earlier, data from the General Administration of Customs showed.
Total imports last month fell 23 per cent to 8.25 million tonnes from a year ago, as higher global prices and weak demand curbed oilseeds appetite, as shown earlier.
According to customs data, shipments from the US stood at 773,114 tonnes in June, up from 54,806 tonnes in the same month last year.
Chinese buyers turned to US soybeans for better profits during Brazil’s soybean export season, as bad weather pushed up oilseed prices in the South American country.
For the first six months of the year, China brought in 27.71 million tonnes of Brazilian beans, up from 26.13 million tonnes in the same period of 2021.
Imports from the US stood at 17.54 million tonnes for January-June, down from 21.57 million tonnes in the previous year.
(with input from Reuters)