A research organization reports that imports of metallurgical coal from Russia have increased threefold in the last three years to around 15.1 million tonnes in 2023–2024, primarily as a result of cheaper pricing, while imports from Australia have decreased.

Russia’s imports of metallurgical coal increased to 11.3 MT in 2022–2023; this accounted for 16% of the 69.9 MT of met coal imports in that year. 15.1 MT, or 21% of all met coal imports of 73.2 MT, came from Russia in 2023–24.

Australia, a significant exporter of met coal to India, experienced a decrease in the country’s imports of the product. 50.7 MT of met coal, or 77% of India’s total imports, came from Australia in FY22.

Iron ore and met coal, also known as metallurgical coal, are necessary components in the manufacturing of steel.

“Cost-benefit” is the primary driver for the increase in metallurgical coal imports from Russia, according to BigMint analysts. Due to low pricing, domestic steel producers are paying less for imports from Russia, according to a BigMint analyst.

In an earlier interview with PTI, SAIL Chairman Amarendu Prakash stated that during the first two quarters of FY24, the company imported about eight shipments of coking coal, each weighing 75,000 tonnes and totaling 600,000 tonnes, from Russia.

Tata Steel has also experimented with using Russian coking coal to make steel. India can meet 50% of its requirement for coking coal from Russia, according to V R Sharma of Jindal Steel and Power (JSP).

The warning was issued in response to a notification from Russia’s Federal Service for Veterinary and Phytosanitary Surveillance (FSVPS) about a shipment of rice that had been imported from Pakistan and had violated both Russian and international phytosanitary regulations. The notification, dated April 2, notes that the rice shipment contains “Megaselia scalaris (Loew),” a quarantine organism.

The trade wing of the embassy has forwarded the letter from the Russian authority to the Department of Plant Protection (DPP) in the Ministry of Food Security and other pertinent government offices.

In 2019, Russia banned the import of rice from Pakistan due to health and safety concerns. Similar to this, Russia banned the import of rice from Pakistan in December 2006 due to noncompliance with food safety regulations. Chela Ram Kewlani, the chairman of the Pakistan Rice Exporters Association, advised Pakistani rice exporters to exercise extreme caution when selecting and packing any rice for export.

According to him, Pakistan exported rice last year at a higher price due to increased demand and supply. The Rice Export Corporation forecasts a 36% increase in non-Basmati rice shipments to 4.25 million tonnes from Pakistan and a 60% increase in Basmati rice exports to over a million tonnes.

Amid growing tensions between Russia and Ukraine and increased instability in the Middle East, oil prices rose more than 1% on Monday. U.S. oil futures increased $1.15, or 1.4%, to settle at $81.78, while Brent crude futures increased $1.05, or 1.2%, to $86.48 a barrel by 1423 GMT.

What’s driving the oil prices?

• The president of NS Trading, a division of Nissan Securities, Hiroyuki Kikukawa, has brought attention to growing worries regarding the world’s oil supplies.

• A recent drone attack over the weekend reduced the capacity of yet another Russian oil refinery in half, according to sources reported by Reuters. This incident is part of a string of attacks by Ukraine this month that, based on figures from Reuters, have already eliminated 7% of the nation’s refining capacity.
• Despite U.S.-backed efforts by Qatar and Egypt to mediate a ceasefire between Israel and Hamas, Israeli soldiers in the Middle East resumed their onslaught in Gaza on Sunday. According to U.S. Central Command, on Saturday, the Houthis fired four missiles at an oil tanker controlled by China.

• While the post-pandemic economic recovery is continuing, OPEC has maintained its supply limitations, according to Tamas Varga of oil trader PVM. This has led to minor revisions in oil demand expectations for 2024 following an inflation-induced slump.Varga underlined how important this cushion is to preventing a persistent Brent surge beyond $90 per barrel.

According to data from the Energy Information Administration (EIA), US oil stockpiles decreased by 1.5 million barrels to 446.99 million barrels during the week ending March 8.

Regarding benchmarks, news agency Reuters reports that US West Texas Intermediate crude for April increased by $1.59, or 2.05%, to $79.15, while Brent crude futures for May up by $1.5, or 1.88 percent, to $83.46 per barrel.

Despite the surge on Wednesday, Brent prices are still range-bound.

On Thursday, EU leaders reached an agreement to provide Ukraine 50 billion euros (US$54 million) to support its war-torn economy, following weeks of threats from Hungary to veto the proposal. Arms and ammunition are to be paid for under a different EU scheme; the aid package, which consists of around two thirds loans and one third grants to be distributed over four years, is not meant to finance them.

Rather, it seeks to finance reconstruction, stabilize Ukraine’s economy following almost two years of conflict, and position the nation for potential EU membership. With the deal, Kyiv will be able to close budget deficits without experiencing the severe inflation that followed Russia’s full-scale invasion in February 2022.

In order to pay for governmental spending, the central bank had to print money, which caused inflation to soar and peak at 26%. Although there was little economic recovery in Kyiv last year, the city spends nearly all of its tax money on the conflict.

Nonetheless, remarks made by EU officials, legislators from Ukraine, and diplomats have highlighted the following main areas of concern:

1. Funding state salaries and pensions: This includes compensating civil servants, medical professionals, teachers, nurses, and other workers in the public sector.

2. Maintaining uninterrupted water and electricity supplies as well as other public services: The Ukrainian government must continue to garner support for the fight at home.

3. Strengthening the currency: Former diplomat and politician Bohdan Yeremenko stated to Ukrainian media on Thursday that he anticipated the administration will spend a portion of the money to lessen the pressure on the hryvnia’s decline.

4. Security measures for foreign investments in Ukraine: On Friday, Yevheniia Kravchuk, a deputy from Zelenskyy’s Servant of the People party, told Deutsche Welle, a German broadcaster, that Kyiv plans to utilize a portion of the aid to offer reliable financing and insurance for foreign businesses.’

Zelenskyy expressed gratitude for the support in a post on X, the former Twitter. He asserted that sustained financial support from the EU would bolster Ukraine’s long-term economic stability, emphasizing military support and pressure from sanctions against Russia.