Previous studies have often overemphasized the importance of Japanese merchants in the coal trade between Japan and China. In contrast, this paper focuses on Chinese merchants and examines their pivotal role in the Sino- Japanese coal trade, using the Shanghai market as a case study. Initially, Zhejiang coal merchants in Shanghai established branch offices in Nagasaki, which significantly facilitated the market expansion of Japanese coal into the Shanghai market. Meanwhile, in response to the rapid increase in direct coal exports by Japanese trading companies, Chinese coal merchants assumed a new role as brokers in the Shanghai coal market. They adeptly navigated through seasonal fluctuations and effectively controlled the market for affordable coal aimed at small and medium-sized consumers. Consequently, Chinese coal merchants strategically transitioned from traders to brokers, thereby, in the Shanghai coal market, Japanese trading companies dominated the sale of high-grade coal, while Chinese merchants adeptly controlled the market for medium- and low-grade coal.
Furthermore, this paper presents a new perspective on the role of Chinese merchants in Shanghai within the context of Sino-Japanese trade history. Contrary to the prevailing notion that Chinese merchants primarily dealt in goods other than coal and copper, it highlights that Zhejiang merchants, particularly those from Ningbo, had long been active participants in the Sino- Japanese coal trade. These merchants operated independently of the networks of Chinese merchants in Japan and exerted significant influence in the Shanghai coal market. They skillfully maintained a complex relationship of cooperation and competition with Japanese trading companies, securing their substantial presence and impact in the industry.journal articl
