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Shaanxi Coal and Chemical receives 1st coking coal shipment from Mongolia www.sxcoal.com
The supply chain subsidiary of Shaanxi Coal and Chemical Industry Group, one of largest state-owned coal and chemicals producer in China, reported the successful customs clearance of its first batch of Mongolia coking coal, about 30,000 tonnes, through Ceke border crossing on June 27, marking a solid step for the company in the field of international trade.
China is the largest destination of coal exports from the landlord country, but the major coal producer itself hasn't imported coal from Mongolia before.
Since the coal cross-border transportation resumed at Ceke port on February 10, the company has quickly sent teams to the port and also Ganqimaodu port to gain a thorough understanding of transportation, warehousing, and sales conditions, in order to accelerate the progress of importing Mongolian coal.
This coal trade also marked the first usage of Chinese yuan for settlement. By prioritizing the use of the local currency, the company not only enhanced the yuan's internationalization but also facilitated the achievement of budget targets and ensured the smooth operation of business activities and risk management.
Ceke, as an important transportation hub connecting Northwestern China with Mongolia, plays a crucial role in coal trade. The company's strategic focus on expanding the Mongolian coking coal import scale is in line with China's Belt and Road Initiative and the "China-Mongolia-Russia Economic Corridor."
(Writing by Alex Guo Editing by Emma Yang)
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Published Date:2023-07-05
