Despite its record level of coal imports this year, not to mention the global financial crisis and a wave of safety-related coal mine shutdowns, the official stats reveal China’s coal production reached 2.42 billion tons from January to October, a gain of 11.4% year-on-year.

The Baltic Dry Index is also providing signs of continued Chinese economic performance.

Having recently surpassed 4000 points for the first time since June, ANZ analysts attributed the BDI rally to strong Chinese demand for iron ore and coal, plus port congestion in China and Australia.

ANZ also commented on the two days of snow in Shanxi which has trapped thousands of vehicles on the roads, with state media saying it had also disrupted the movement of coal.

“But there were no signs yet that the supply disruptions have seriously hurt power,” ANZ said.

“Reports suggested coal stocks at power plants have dropped to an average level for 14 days of use.”