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Diverting coal from the EU, Russia doubles supply to Asian partners

Người Đưa TinNgười Đưa Tin24/10/2023


Russia's coking coal (metallurgical) exports to India increased 2.3 times year-on-year in the first eight months of 2023 to 4.3 million tonnes, Russian newspaper Vedomosti reported on October 23, citing data from India's Ministry of Commerce and Industry.

Russia's share in the South Asian country's coking coal imports increased from 5% to 11.2%.

So, after crude oil, another important resource imported from Russia will flood the Indian market in the coming years: Coking coal. The reasons remain the same: lower prices, faster delivery and diversification of supply, India’s Live Mint explains.

On the Russian side, coal exports began to increase sharply last year as companies diverted exports away from markets in the European Union (EU), which is “afraid” of using coal and “likes” imposing sanctions, Russian newspaper Vedomosti reported.

The EU has banned imports of Russian coal starting from August 10, 2022, as part of the fifth package of sanctions against Moscow over the “special military operation” in Ukraine.

The bloc is now moving to consult with member states on a 12th package of sanctions against Russia, which includes a ban on Russian diamonds as well as further restrictions on Moscow's ability to evade sanctions through companies in third countries.

World - Diverting coal away from the EU, Russia doubles supply to Asian partners

Bulldozers move coal piles at the Osinnikovskaya coal mine in Osinniki, Russia. Photo: Bloomberg

Consulting firm Ykov and Partners (formerly McKinsey Russia) expects India to become a major customer for Russian metallurgical coal in the long term. In particular, according to the consultancy’s estimates, over 60% of exports will be directed to India.

Boris Krasnozhyonov, head of stock market analysis at Alfa-Bank – Russia's largest commercial bank, pointed out that the global market is lacking high-quality metallurgical coal.

India is a major importer of high-grade coking coal due to the rapid growth of steel production and consumption in the country, Krasnozhyonov said. According to him, India is actively looking for alternative sources of supply to Australian coal, so its demand for Russian coal will continue to grow.

Current coal prices on the global market and the fall of the ruble against the dollar ensure high profitability for Russian export companies, experts say.

Global coal prices will continue to rise amid declining Australian exports, added Akhmed Aliyev, metals and mining analyst at BCS World of Investments – a member of Russia’s BCS Financial Group.

However, cost reduction remains an important goal for Russian coal producers, noted Dmitry Baranov, a leading expert at Finam Management. It will allow them to significantly strengthen their positions in the global market in the future, the expert at the Moscow-based financial holding company explained .

Minh Duc (According to TASS, Bloomberg, Live Mint)



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