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.
India's thermal coal imports are expected to rise 7% on year to 158 million in 2022, and a further 3% to 163 million tonnes in 2023, consultancy Wood Mackenzie said. In contrast, shipments of the fuel resource into China, the world's biggest importer, could fall to 182 million tonnes in 2022 and 176 million tonnes in 2023, from 246 million tonnes in 2021, Woodmac said.
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