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Monday, 19 October 15
RUSSIA MAJOR COAL MINER KRU CUTS 4.5 MLN T/YR "UNPROFITABLE" EURO SALES - JACQUELINE HOLMES
Kuzbassrazrezugol (KRU) LogoCOALspot.com: Kuzbassrazrezugol (KRU), one of Russia's largest producers of high-quality coal, plans to cut its coal exports in 2016 by about 4.5 million tonnes from 2015's levels, mostly from European shipments, the company said on Monday.

During Jan-Sep 2015, the company exported 22.3 million tonnes of coal.

The international coal market remains depressed due to oversupply from major exporting countries and continued low demand in Europe.

"The ongoing slump in both thermal and metallurgical coal prices in Europe together with the expected rise in Russian Railways tariffs in 2016 make deliveries of Russian coal to the European market unprofitable," a KRU spokesman said.

The reduction in KRU's exports will mainly concern coal shipments via ports of the Baltic Sea.


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