India‘s imports of Russian coking coal dropped by 26% during the first nine months in 2024, a significant shift in the global coal market.
India, the second largest buyer of Russian coal in the world, has significantly reduced its solid fuel imports.
The coal industry is a major contributor to the Russian economy. It provides a large amount of employment and revenue. Russia is one of the largest coal exporters in the world. This industry is crucial to Russia’s energy sector and its ability to maintain its position on global markets. The EU, US, and UK imposed sanctions against Russian coal after the Russian invasion of Ukraine as part broader economic measures taken against Russia.
According to Vedomosti, Moscow Time cites Vedomosti, based on data provided by the Indian analytical agency Bigmint. India purchased 6.1 millions tons of thermal coal between January and September 2024. This is 26% less than during the same period in 2018.
India’s total coal imports increased by 12% on an annual basis, reaching 137.8 millions tons.
Indonesia, South Africa and the United States are the country’s top fuel suppliers, while Russia is ranked fourth in terms of importers, behind Australia, Mozambique and Colombia.
In physical terms, the share of Russian thermal coal in India’s imports has dropped to 3%. According to the report it was around 7% from January-September 2023.
After the EU embargo against coal supplies became effective in August 2022 Russian coal miners actively searched for new export destinations.
By 2024, Russian coal exports may drop to 18-20 millions tons, or a decrease of 23-31% on an annual basis.
Despite export issues, Russian coal companies continue to reduce production. The report stated that “in July according to Rosstat it fell by 6.7% on an annual basis, and its volume–31.5 millions tons–became lowest since the 2020 coronavirus epidemic.”
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