China's record-breaking coal purchases last year were driven by a significant increase in supplies from Australia and Mongolia, while russian supplies actually decreased.
This is reported by Economic Pravda with reference to Bloomberg.
It is noted that now, when Chinese demand is leveling off, Mongolia may have the best chance of maintaining or even increasing its share of the southern neighbor's market at the expense of russia.
According to the publication, while total imports increased by 14% to 543 million tons in 2024, Australian supplies increased by almost 60%.
Exports from Mongolia increased by 19%.
Indonesia remained China's largest supplier, although growth was relatively modest last year.
Despite all the strategic ties between Beijing and Moscow, russia is losing out because its coal is too expensive, and new US sanctions may make exports even less attractive to Chinese buyers this year.
Mongolia, meanwhile, benefits from its proximity to China and is looking to cement this with better rail connections.
Unlike Australia, which supplies coal far and wide and can respond to rising prices elsewhere in Asia, the vast majority of Mongolia’s customers are in one country.
Last year, Mongolia accounted for 60% of its southern neighbor’s coking coal imports for steelmaking.
Earlier objections on national security grounds to aligning the country’s track specifications with China’s have been overcome, and the government is now pushing for improved rail connections at the border, which could ultimately double coal supplies to China.
As Ukrainian News Agency earlier reported, China is refusing to accept tankers carrying russian oil after new US sanctions.
The European Commission is developing a plan to remove all russian fossil fuels from the EU market, but despite EU efforts, gas supplies to Europe continue, and Brussels wants to put an end to this.
On January 10, the US Department of the Treasury announced the introduction of new sanctions against russia.
The restrictions included Gazprom Neft and Surgutneftegaz, tankers of the "shadow fleet", oil traders and a number of companies.
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