With European sanctions on Russian coal, China, India and Turkey are becoming direct beneficiaries of what is happening, highlighting the change in trade flows in global thermal coal markets six months after the start of the war in Ukraine as Russian coal is offered at a discount compared to Australian and South African origin in the absence of buyers from EuropeSince the start of the war in February, China's imports of Russian coal have steadily increased from 0.9 million tonnes in March to 5.3 million tonnes in July and 4.6 million tonnes in August. Meanwhile, India's imports have also increased from 0.7 million tonnes in March to 2.3 million tonnes in AugustShipments from Indonesia, the world's largest exporter, fell 26% year-on-year to mainland China to 78 million tonnes in the first seven months of 2022. At the same time, Indonesian coal shipments to India accounted for 30% of total exports between January and July, compared to 20% a year ago. The increase in supplies from Indonesia coincided with India's reduction in coal imports from South Africa.
With European sanctions on Russian coal, China, India and Turkey are becoming direct beneficiaries of what is happening, highlighting the change in trade flows in global thermal coal markets six months after the start of the war in Ukraine as Russian coal is offered at a discount compared to Australian and South African origin in the absence of buyers from EuropeSince the start of the war in February, China's imports of Russian coal have steadily increased from 0.9 million tonnes in March to 5.3 million tonnes in July and 4.6 million tonnes in August. Meanwhile, India's imports have also increased from 0.7 million tonnes in March to 2.3 million tonnes in AugustShipments from Indonesia, the world's largest exporter, fell 26% year-on-year to mainland China to 78 million tonnes in the first seven months of 2022. At the same time, Indonesian coal shipments to India accounted for 30% of total exports between January and July, compared to 20% a year ago. The increase in supplies from Indonesia coincided with India's reduction in coal imports from South Africa.
