Russian coal exports to China drop 14.3% in Jan-Feb 2026

Russian coal exports to China fell sharply in January-February 2026.

In January-February 2026, Russian coal supplies to China dropped to 10.8 mio t (-1.8 mio t or -14.3% vs. Jan-Feb 2025), according to the General Administration of Customs of China (GACC).

The decrease in Russian coal supplies resulted from serious logistical issues, high railway tariffs, international sanctions and ruble appreciation. Given depressed global prices, these factors are forcing most producers to export coal at zero or negative margins, which will likely lead to further production and supply cuts in the near term.

In January-February 2026, China’s total coal imports increased to 77.2 mio t (+1.1 mio t or +1.4% vs. Jan-Feb 2025).

China’s total coal imports in 2025 dipped to 490.5 mio t (-52.3 mio t or -9.6% y-o-y).

Indonesia, China’s largest coal supplier, saw a slight increase in exports to 34.9 mio t in Jan–Feb 2026 (+0.3 mio t or +0.9% y-o-y). In the first two months of 2026, Mongolia ramped up its coal shipments to 16.9 mio t (+6.2 mio t or +57.9% y-o-y), strengthening its position as the second-largest coal exporter to China. It is followed by Australia, which delivered 12.6 mio t (+0.6 mio t or +5.0% y-o-y). Russia plunged to fourth place (10.8 mio t), although last year it was the biggest supplier after Indonesia.

Market share shifts among major suppliers (Jan-Feb 2026 vs. Jan-Feb 2025):

· Indonesia: 45.2% (-0.3 p.p.);
· Mongolia: 21.9% (+7.8 p.p.);
· Australia: 16.3% (+0.5 p.p.);
· Russia: 14.0% (-2.6 p.p.);
· Others: 2.6% (-5.5 p.p).

Despite strong demand, Russian coal exports to China continue to decline due to systemic issues and crisis in the coal industry, potentially leading to Russia’s shrinking market share and growing competitive pressure from other suppliers.

Source: CCA