- In July, Russia became the third largest supplier of coal to India.
- Russia has historically been the sixth largest supplier of coal to India.
- Huge discounts offered by Russian suppliers to Indian customers in recent months.
Russia became India’s third-largest coal supplier in July, with imports up more than a fifth from June to a record 2.06 million tonnes, data from Indian consultancy Colment showed.
Russia has historically been the sixth largest supplier of coal to India, followed by Indonesia, South Africa, Australia and the United States, with Mozambique and Colombia taking turns in the top five.
India expects its central bank’s recent approval to allow payments for goods in Indian rupees to give a big boost to bilateral trade with Russia. Since Russia’s invasion of Ukraine, India’s imports from Russia have nearly quintupled to $15 billion.
India, the world’s second-largest producer, importer and consumer of coal, has historically imported more coking coal – used primarily to make steel – from Russia, with Australia being the second major supplier.
However, heavy discounts offered by Russian suppliers to Indian consumers in recent months have encouraged higher purchases of thermal coal – which is mainly used in power generation – especially since Western sanctions. Global prices hit near record highs due to shrinking traditional trade.
Thermal coal imports from Russia rose 70.3 percent from June to a record 1.29 million tonnes in July, while coking coal imports rose by two-thirds to more than 280,000 tonnes, data from Colmant showed. Gone.
According to the data, Indonesia was the top supplier, while South Africa was slightly ahead of Russia. Two Indian traders said that most of the coal imports from Russia are mainly cement manufacturers and steel makers.
Total Indian coal imports, including shipments of anthracite and PCI coal, fell nearly 10 percent to 23.8 million tonnes in July, compared with record imports of 26.29 million tonnes in June, Coalmint data showed. Compared to , Colment’s data shows.