According to preliminary data, Russian coal exports to India in 2024 marginally increased to 27.0 mio t (+0.4 mio t or +1.5% vs. 2023).
Meanwhile, India’s total coal imports in 2024 amounted to 250.0 mio t (+1.5 mio t or +0.6% y-o-y).
Russia’s share in India’s coal imports in 2024 stayed almost flat year-on-year at 10.8% (10.7% in 2023).
The expected growth of Russian coal exports to India is hampered by critical logistical issues, as well as international sanctions, depressed global prices and high transportation costs, forcing most producers to export coal at zero or negative margins. Russian suppliers have to cut exports in all directions. Coal shipments via terminals in the South and North-West remain unprofitable, while access to rail capacity is restricted amid rising railroad tariffs.
Coal is the main source of electricity in India, providing about 75% of the country’s generation. As of 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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