Russia became India’s third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coalmint showed.

Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the United States, with Mozambique and Colombia alternatingly featuring in the top five.

India expects its central bank’s recent approval to allow payments for commodities in the Indian rupee to provide a major fillip to bilateral trade with Russia. India’s imports from Russia have jumped nearly five times to over $15 billion ever since Russia invaded Ukraine.

India, the world’s second-largest producer, importer and consumer of coal, has historically imported more coking coal used mainly in steelmaking from Russia, with Australia being the other key supplier.

However, steep discounts offered by Russian suppliers to Indian consumers in recent months have incentivised higher buying of thermal coal used mainly in power generation especially as global prices have traded at near-record highs due to western sanctions choking traditional trade.

Thermal coal imports from Russia jumped 70.3 per cent in July, compared with June, to a record 1.29m tonnes, while coking coal imports rose by over two-thirds to more than 280,000 tonnes, Coalmint data showed.

Indonesia was the top supplier, while South Africa was marginally ahead of Russia, the data showed. Higher coal imports from Russia were mainly driven by cement manufacturers and steelmakers, two Indian traders said.

Overall Indian coal imports, including shipments of anthracite and PCI coal, were nearly 10pc lower in July at 23.8m tonnes, compared with record imports of 26.29m tonnes in June, the Coalmint data showed.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

In defamation’s name

In defamation’s name

It provides yet more proof that the undergirding logic of public authority in Pakistan is legal and extra-legal coercion rather than legitimised consent.

Editorial

Mercury rising
Updated 27 May, 2024

Mercury rising

Each of the country's leaders is equally responsible for the deep pit Pakistan seems to have fallen into.
Antibiotic overuse
27 May, 2024

Antibiotic overuse

ANTIMICROBIAL resistance is an escalating crisis claiming some 700,000 lives annually in Pakistan. It is the third...
World Cup team
27 May, 2024

World Cup team

PAKISTAN waited until the very end to name their T20 World Cup squad. Even then, there was last-minute drama. Four...
ICJ rebuke
Updated 26 May, 2024

ICJ rebuke

The reason for Israel’s criminal behaviour is that it is protected by its powerful Western friends.
Hot spells
26 May, 2024

Hot spells

WITH Pakistan already dealing with a heatwave that has affected 26 districts since May 21, word from the climate...
Defiant stance
26 May, 2024

Defiant stance

AT a time when the country is in talks with the IMF for a medium-term loan crucial to bolstering the fragile ...