energy crisis and the geopolitical turmoil it causes Russian military invasion of Ukraine emerged as a direct result Historical increase in energy prices A commercial earthquake due to the shock plan to cut Europe’s energy dependence on Russia and Overcoming economic sanctions and embargoes.
The most visible effects of the crisis have been (and secondarily) price and supply tensions in natural gas. electric) and oil (affecting to fuels). But there is also a situation Historical shock in coalIt is rising rapidly by reaching price records and European countries are buying coal from all over the world to replace Russian coal. blockade by Brussels. Until then, about 70% of the coal imported by the member states came from Russia.
With all players adapting to the new international energy scenario and the ban on Russian coal, Spain has taken a position as a hub for buying this mine and selling it to other countries. Re-export of coal from Spain According to the latest data from the Ministry of Industry, Trade and Tourism, this figure, which was 92 million in the same period of last year, increased sixfold to 564 million euros in the first half of this year.
And after last year, in the worst of the energy crisis and in the unbridled moments of international prices, International coal shipments from Spanish ports will already quadrupleThe figure, which was 120 million in 2021 before the war in Ukraine, will reach 511 million.
The Trade Minister’s records reflect revenue from coal exports, but not the volume of resold material. Currently, the price of coal in the European reference market is around $120 per tonne and prices have been higher over the past year. It reached an all-time high of $485 in March. It started a few days after the invasion of Ukraine. Spain’s revenue from re-exports by June of this year exceeded last year’s figure; this shows that the volume of ore sent to other countries is much higher.
blocking and reselling
just a year ago On 10 August 2022, the final EU veto on coal imports from Russia came into effect As part of measures to put economic pressure on the Kremlin following a 120-day moratorium allowing for the cutting of funding channels for the military invasion of Ukraine and the signing of previously signed purchase agreements.
Countries around the world, particularly Australia, Indonesia and South Africa, the three largest producers of the mine, increased their coal exports to Europe to fill the gap in Russia and to meet the overall recovery in demand for hard coal as fuel. Due to the excessive increase in gasoline prices.
In these contexts, Spanish ports became warehouses where shipments of coal from all over the planet came in and were then reloaded on large ships for export to multiple destinations. Increased sales from Spain to other countries are due entirely to re-exports of other origin products. Zero coal production in Spain – there is only one well that is effectively productive – Following the block closure of what was left of coal mining in Spain at the end of 2018.
Spain’s coal imports fell 24% to 985m euros between January and June of this year. The figures compare to the record acquisitions of 3 billion 12 million euros triggered last year, with international pricing more than three times higher than the less than 921 million in 2021.
Asturias as a great ‘centre’
In this new context in which Spain has positioned itself, is is Asturias which has so far positioned itself as a major national hub for re-exports. to other destinations, it concentrates three-quarters of all shipping activities. According to the latest data from the Asturian Economic Community, the resale of coal from Asturias in the first half of this year generated a revenue of 431.5 million Euros, an increase of almost 500% compared to the previous year and accounted for 76.5% of the total national exports. and Industrial Studies (Sadei),
In the first half of last year, sales of coal, coke and briquettes – cylindrical or brick-shaped biofuel blocks – produced 72.1 million and accounted for only 2.3% of the Principality’s total exports. Between January and June of this year, coal re-exports intensified 13% of total regional trade abroad.
Asturian trade balance In the first half of the year, South Africa (up more than 2,000% from 7 million to 153 million), Vietnam (up 991%), Japan (541%, Egypt (454%), South Korea (425%), India (217%) ) or Indonesia (181%) By economic volume, Asturias’ main importer (not just coal but all goods in general) was Australia with a product value of 374.5 million, up 31% from a year ago, followed by another 31% increase. Reaching 221.8 million, Germany came.
These shipments were then diverted from Asturias to other countries. Countries with specific increases compared to last year included Indonesia (more than 1,800% change, with references increasing from €925,000 to 17.7 million), Croatia (410%), Morocco (342%) and Finland (145%). or India (127%). In absolute terms, the main buyers of all goods from Asturias were Germany, Italy and France.