The rally reflects coal-for-gas substitution across Northeast Asia after the closure of the Strait of Hormuz disrupted LNG supplies.
South Korea is leading the shift, with Jun’26 arrivals up +41% YoY and Russian coal imports up ~108% YTD, followed by Japan (+33% YoY). While overall seaborne coal imports remain weak in China and India, India’s Russian coal imports are up +53% versus the pre-conflict average.
Higher exports have been supported by stronger Kuzbass production, which rose +21% YoY in May’26 to ~10Mt.
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