India is fast catching up with China in its thermal coal imports, as the world's two biggest overseas buyers of the power generation fuel adjust purchases to align them with the varying trajectories of their economic growth.
India, widely seen as one of the last remaining major growth markets for the fuel, has stepped up buying from Indonesia and Russia after the invasion of Ukraine, which Moscow calls a special operation.
Indian thermal coal imports grew about 12% in the eight months ended August 2022 to 114.2 million tonnes, according to Indian consultancy Coalmint. China's overseas purchases of the fuel resource in the first seven months of 2022 fell 26% from a year earlier to 106.36 million tonnes, government data showed.
"This mid-to-high calorific value coal demand in India is for more industrial uses, like sponge iron production." Chinese imports were lower due to a higher domestic output, lower power demand and Beijing's price cap on domestic thermal coal, which made imports far more expensive than coal produced locally.
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