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News UltraTech Cement imports Russian coal using Chinese Yuan

UltraTech Cement imports Russian coal using Chinese Yuan

Written by Global Cement staff 30 June 2022
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India: UltraTech Cement has imported a 157,000t shipment of coal from Russia for US$25.8m, which it paid in Chinese Yuan. ET NOW News has reported that this is the first instance of an Indian entity using the currency in international trade. The deal has a value of US$164/t, 50% below average South African coal prices and 20% below average Australian cement prices in India. The deal reportedly signals the possible end of Indian coal prince inflation in the medium – long term.

Last modified on 05 July 2022
Published in Global Cement News
Tagged under
  • currency
  • trade
  • Sanctions
  • War
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  • Ukraine
  • Russia
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  • China
  • India
  • Import
  • Price
  • inflation
  • costs
  • South Africa
  • Australia
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  • fossil fuels
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  • GCW564
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