1 Year Russo-Ukrainian War
Jakarta, CNBC Indonesia – The Russo-Ukrainian war catapulted coal prices to historic highs. However, Russia also made the beginning of the weakening of coal prices.
Russia is the world’s third largest coal exporter after Indonesia and Australia. Russia is in the top five global coal suppliers. The Red Bear Country also supplies large amounts of other energy sources ranging from crude oil to gas, mainly to Europe.
By 2021, the European Union will depend on 45% coal and 45% gas supplies from Russia. The European Union imports around 45 million tons of coal and 155 billion cubic meters of gas from the Red Bear Country.
It was the magnitude of Russia’s role that worried market players after the war broke out. The reason is, global supply will be disrupted.
The average stone price reached US$ 203.44 per ton in early January 2022 until before the Russian-Ukrainian war erupted exactly a year ago, February 24 2022.
The declaration of war by Russian President Vladimir Putin quickly soared coal prices to around US$ 300 per ton.
Unmitigated, coal prices jumped 21.45% in one day on March 1 2022 and flew 46% the day after on March 2 2022.
The surge in increases brought coal prices to a record high to US$446 per ton on March 2, 2022 or a week after the war broke out.
Coal weakened but the price never dropped below the level of US$ 200 per ton. Black sand tends to move around US$ 350-400.
The impact of the Russian war on coal price movements was sluggish. However, in April 2022 coal prices surged again.
The European Union has announced that it will ban coal imports from Russia from 10 August 2022.
Russia is not standing still on the European Union embargo. In mid-July 2022, Russian gas company Gazprom announced it was cutting gas supplies to Europe through the Nord Stream 1 pipeline.
