Russian Export Shift Hits Constraints

摘要

During the recent array of coal supply constraints, even Russian availability faced limitations. Problems at a washing facility caused one exporter to declare force majeure from late December into February, while a mine accident in May 2010 also affected coking coal availability for the export markets. The supply constraints of the last 2-3 months also highlight the importance of Russian coal to markets in the Asia-Pacific region. The first chart (right) displays the expansion of Russian coal into major Asian markets. Japan's intake of Russian coal is running at the same level as 2007. Meanwhile, a revival in demand from Korean utilities has been accompanied by an influx of Chinese buying in 2009/10.