Seaborne Russian Coal Exports to China Fall by Nearly 50% in March

Russian seaborne exports of thermal coal to China dropped by 49% year-on-year during the first 20 days of March, according to data from Russian Kommersant on March 25.

Russian suppliers shipped an average of 251,000 tonnes per week to China this month, compared to 534,000 tonnes over the same period in 2024.

Overall exports to other Asia-Pacific markets also declined, though at a slower rate. Weekly seaborne coal shipments to countries in the region fell by approximately 6% year-on-year in March, averaging 614,000 tonnes.

Since the beginning of 2025, Russian coal exporters have shipped 5.8 million tonnes to Asian markets. Of this volume, 36% was delivered to China, 25% to India, 19% to South Korea, and 4–6% each to Taiwan, Malaysia, Sri Lanka, and Vietnam. Indonesia accounted for 1% of the total.

China remains the largest export market for Russian thermal coal following the European Union embargo. While the country consumes roughly 5 billion tonnes of coal annually, imports account for only about 5% of that demand.

Two of Russia’s largest coal companies, Mechel and Raspadskaya, reported net losses for 2024 totaling approximately $555 million. Mechel posted a 5% revenue decline to around $3.72 billion, a 35% drop in EBITDA, and a net loss of approximately $411 million for the year.

Raspadskaya, which operates Russia’s largest coal mine with reserves nearing 500 million tonnes, reported a 17% decline in revenue and a 36% drop in gross profit, ending the year with a net loss of $133 million, compared to a $440 million profit in 2023.

Analysts at PSB noted that global market conditions and sanctions barring access to Western markets have forced Russian producers to sell coal to Asia at discounted prices.

Earlier in March, Chinese state-owned oil companies significantly reduced or suspended imports of Russian crude due to tightened US sanctions. Sinopec and Zhenhua Oil halted purchases entirely, while PetroChina and CNOOC cut volumes. The move contributed to a decline in Russian oil shipments to China and further pressured Moscow’s energy revenues.