India's import of Russian coal doubled in FY 2023

 Russia is the third largest coal exporter in the world after Indonesia and Australia. In the fiscal year 2022, Russia has produced over 443.6 million tonnes of coal which was slightly more than the previous year. According to the Russia customs data, Russia's coal exports decreased by 7.3% and stayed at 211 million metric tonnes during FY 2022.

For the financial year 2022, China was the top buyer of Russian coal with imports worth over 45 million metric tonnes. Japan was the second biggest Russian coal importer with imports worth over 20 million metric tonnes. South Korea, Netherlands, Ukraine, Turkey, Taiwan, Poland, Germany and India.

India has now emerging as the top destination for Russian oil and coal exports. As, Russia is facing sanctions from Britain and EU nations, Russia is now shifting it exports to Asian countries. Among which India has become a significant contributor. One of the main reason behind this is cheap price offering on Russian coal and oils as compared to Australian and gulf countries supply.

India's coking coal imports from Russia have doubled in comparison to last year. According to the Russia export data, around 3.9 million tonnes of coal imports were made by India. Whereas, last year, it was around 1.8 million metric tonnes.

Moscow was the fourth largest destination for coal exports to India during this period. Further, the price for Russian coal would be cheaper. This would make India buy more Russian coal. Experts are expecting Indian coal imports to be doubled by this year.

Other major import category was thermal coal. There was around 70% surge in the imports of thermal coal from Russia. According to the Russia import export data reports, around 1.5 million metric tonnes of thermal coal from Russia by India during the August month. Some of the top coal importing companies from Russia were Rashmi Group, Bhushan Steel, Shri Cement and IMR Resources.

In terms of sea borne coal exports of Russia, China and India were two major import markets during FY 2022. China accounted for over 21 million metric tonnes worth of coal shipments while India held 9.3 million metric tonnes worth of coal shipments during the perion. Japan, South Korea, Turkey and Pakistan were other major markets for Russian coal exports.

On the other hand, Russia import data reflects that there was around 145% increase in coal imports by Russia. Russia's coal imports were estimated around 16 million metric tonnes in the fiscal year 2022.

Indonesia currently is the leading coal exporter worldwide. For the fiscal year 2022, around 494 million tonnes of coal was exported. Whereas, Australia, the second largest coal exporting country accountry accounted for over 406  million tonnes of coal exports during FY 2022.

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