Russia becomes India’s third-largest coal supplier in July, data shows – Business

Russia became India’s third largest coal supplier in July, with imports increasing by more than a fifth compared to June to a record 2.06 million tons, data from Indian consultancy Coalmint shows.

Russia has historically been the sixth largest supplier of coal to India, behind Indonesia, South Africa, Australia and the United States, with Mozambique and Colombia alternately in the top five.

India expects the recent central bank approval to allow payments for commodities in Indian rupees to boost bilateral trade with Russia. India’s imports from Russia have increased nearly five-fold to more than $15 billion since Russia invaded Ukraine.

India, the world’s second largest producer, importer and consumer of coal, has historically imported more coking coal mainly used for steel production from Russia, with Australia being the other major supplier.

However, the high discounts that Russian suppliers have been offering to Indian consumers in recent months have led to increased purchases of thermal coal mainly used for power generation, especially as world prices hit near record highs as a result of Western sanctions that choked traditional trade.

Imports of thermal coal from Russia rose 70.3 percent in July to a record 1.29 million tons in July, while imports of coking coal grew more than two-thirds to more than 280,000 tons, data from Coalmint shows. .

Indonesia was the main supplier, while South Africa was slightly ahead of Russia, the data shows. Higher coal imports from Russia were mainly driven by cement and steel producers, according to two Indian traders.

Total imports of coal from India, including shipments of anthracite and PCI coal, were nearly 10 percent lower in July at 23.8 million tons, compared to the record imports of 26.29 million tons in June, data from India show. coalmint.

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