"The document says the rule is about HS codes, so it is applicable to all origins," a South Korea-based source said. "This should help Russian coal demand more than other origins because it is already at a discount to other origins."

Sources said Pakistan is looking at countries like Afghanistan and Tajikistan given the significant price difference compared to the South African coal, which accounts for around 70% of Pakistan's imports.

Sources said that India bought 5,500 kcal/kg NAR coal from Russia at $160-$165/mt CFR India for an April-loading Capesize ship in the week ended April 16, adding that the freight between Russia and West coast India was at around $35-$36/mt.

China churned out 395.79 million tonnes of coal last month, data from the National Bureau of Statistics (NBS) showed on Monday, equivalent to 12.77 million tonnes per day.

Japan typically takes high-CV, low-ash coal from Russia

The German year-ahead baseload traded as high as Eur197.75/MWh, a new high for the 2023 contract, while year-ahead coal into Europe traded at $230/mt, EEX and ICE exchange data showed.

A viable renewable energy backstop to oil & gas production does not now exist to guarantee Americans cost-effective, reliable, and 24/7 energy availability

The Ministry of Energy and Environment plans to double lignite production and to review its phase-out plan for lignite-fired power plants.

The new round includes an import ban on coal from Russia worth Eur4 billion/year ($4.38 billion/year) and a ban on Russian vessels and Russian-operated vessels from accessing EU ports, allowing for certain exemptions such as agricultural and food products, humanitarian aid as well as energy.

China will pursue its strategy to reduce the share of coal in its energy consumption, aiming to reach 17.3% of non-fossil energies in its total energy consumption in 2022, up from 16% in 2020.