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India's top cement maker buys Russian coal with RMB, signaling a settlement shift

sxcoal.com Price,  International 2022-06-30 10:03:10

Ultra Tech Cement, India's top one cement enterprise, imported a cargo of Russian coal from SUEK with Chinese yuan, which is expected to signal a shift of Chinese yuan to be a more common settlement method, Reuters reported, citing an official customs document.


The cement maker purchased 157,000 tonnes of coal from Russian coal miner SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, with the value amounting to 172,652,900 yuan ($25.81 million), showed in an invoice dated June 5 in the document.


Two market sources said that this cargo was supplied by SUEK's Dubai branch, and they also added that some other companies also started to make trades for Russian coal with Chinese yuan.


Increasing usage of Chinese yuan may help alleviate the effect on Russian coal trades that suffered a heavy dealt from European countries' sanctions due to its conflict with Ukraine, and may internationalize yuan from a more USD-dominated global payment landscape around the world.


Both Ultra Tech and SUEK haven't made any response to the matter.




(Writing by Rebecca Liu  Editing by Tammy Yang)
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