In March 2025, a significant reduction in the export of coking and thermal coal from Russian ports was recorded.
Specifically, through the port of Ust-Luga (Baltic Sea), coal exports decreased by 30% (compared to 2024), amounting to 2.4 million tons, while from the ports of Nakhodka and Vostochny (Pacific Ocean), exports dropped by 21% (to 3.7 million tons). The port of Murmansk (Barents Sea) showed a decline in dynamics, with export volumes remaining at 1.2 million tons.
Key factors behind the reduction in Russian coal exports include a significant drop in its price in the Baltic region — in March 2025, prices reached their lowest level since June 2024 ($63-66 per ton).
Additional expenses, related to the tariff policy of the Russian railways, which includes a 10% surcharge for empty wagon runs, have also contributed to the worsening situation.
Other factors include reduced demand due to seasonality, an increase in the share of renewable energy in Europe, and a decrease in steel production in China.
Amid declining profits from coking coal exports, some Russian mining companies, including Kuzbass Fuel Company, have already announced plans to suspend maritime exports.
The Russian Coal Mining Industry Union (SZRU) forecasts bankruptcies within the sector. Currently, 27 coal mining enterprises, with a total output of 40 million tons per year, are in a pre-bankrupt state. In 62 enterprises, which together produce 126 million tons annually, a loss higher than the industry average was recorded at the end of 2024.
The reduction in coal exports will negatively impact the Russian economy. It will lead to lower budget revenues and exacerbate social issues, especially in regions where this industry is a primary source of income, such as Kuzbass.
