China ramps up Russian coal imports – data – RT Business News

Russian deliveries of sea coal to China soared 55% to 6.2 million tonnes in the first 28 days of June compared to the same period last year, according to the S&P Commodities at Sea database. In May, supplies were also on the rise, rising 20% ​​year-on-year to 5.5 million tonnes.

“Despite weaker demand and higher domestic coal production, China is buying a lot [more] Russian coal since May 2022”, Pranay Shukla, associate director of S&P Global Market Intelligence, told CNBC. “That’s because Russia offered very deep discounts on the prevailing international coal prices.”

Shukla pointed out that overall coal imports into mainland China were lower due to lower demand under strict Covid lockdown policies.

China is Russia’s largest coal buyer, absorbing more than 50m tonnes of the $7.4bn commodity last year via rail and sea from the Far East Russian, according to the data. Russia accounted for around 15% of China’s total imports and was its second largest supplier behind Indonesia.

Nearly half of imports from Russia are metallurgical coal and Chinese buyers are keen to import more supplies despite struggling to secure financing from state banks worried about possible sanctions.

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