Russian coal exports to India in January-August 2024 dropped to 19.2 mio t (-0.5 mio t or -2.5% to Jan-Aug 2023).
Meanwhile, in the first 8 months of 2024, India’s total coal imports surged to 188.6 mio t (+20.2 mio t or +12% y-o-y).
Russia’s share in India’s coal imports in January-August 2024 declined by 1.5% to 10.2% from 11.7% over the same period in 2023.
The drop in Russian coal export supplies is linked to critical logistical issues, as well as international sanctions, depressed world prices and high production costs, forcing most producers to export coal at zero or negative margins.
Russian suppliers have to reduce exports on all routes. Coal shipments via terminals in the South and North-West remain unprofitable, while access to rail capacity is restricted on the back of rising transportation costs.
Coal is the main source of electricity in India, providing about 75% of the country’s generation. As of early August 2024, India had about 30 GW of coal-fired power plants under construction.
This is the second largest in the world after China, where about 175 GW of thermal power plants are currently being built.
Source: CCA Analysis
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