India’s hunger for coal is growing. As the world shuns Russian goods, India is setting its sights on Russian coal – after already buying up its discounted oil.
"The EU ban on Russian coal imports comes at a time when the international coal market is already very tight, with correspondingly high prices," said Rystad Energy in a note."A surge in coal demand in Asia, as countries try to minimize imports of expensive natural gas, has sent coal prices soaring in the past year."
Tariffs are set to be removed on more than 85% of Australian goods exported to India. That, however, will have its limitations as Australia won't have sufficient coal to meet India's growing needs, said analysts.according to the International Energy Agency's 2021 India energy outlook report.Russia is the sixth-largest coal producer in the world.
"Despite warnings from the West, India continues to lean into their supply chain relationship with Russia for natural resources like oil and coal," said Samir N. Kapadia, head of trade at government relations consulting firm Vogel Group.
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