Shipments of Russian coal to China continued to rise in May and June compared to last year, new data from S&P Global Market Intelligence showed.
During a summit last week, the G-7 nations reinforced their commitment to support Ukraine indefinitely. The group also sought to impose new sanctions including a proposal to cap the price of Russian oil.
Oil prices have been rising this year as a result of Russia's war on Ukraine and tighter global supplies.The European Union, for example, plans to cut its Russian oil imports by 90% before year end. Overall, S&P Global Market Intelligence expects global shipments of coal from Russia to rise in the second quarter, alongside shipments from Indonesia, another major coal exporter.Separately, Shukla said all eyes will now be on China, to see if it will ramp up coal imports as the economy reopens andMore demand for coal from China could push up coal prices, adding to already rising global inflation.
"The market will be keeping a very watchful eye on third quarter demand from China as a rise in demand here could see international coal prices rise to unimaginable levels," Shukla said. Chinese customs data show Indonesia, Russia and Mongolia are now top coal exporters to China, with once major supplier Australia edged out after China imposed restrictions on Australian coal in 2020.
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