Suek's coal sales dipped in the first quarter as a result of a weaker domestic market, although the fall was partially offset by increased international business, Russia's largest miner of the fossil fuel said Thursday.
Suek's overall coal sales volumes fell by 3% on the year to 24.4 million mt in the same period, with sales to international customers growing by 18% on the year to 11.1 million mt.
The miner said it exported 10.3 million mt of coal in Q1 2014, up 21% on the corresponding 2013 period. Major receiving countries of Suek's coal were China, South Korea, the UK, Taiwan, Japan, Germany, the Netherlands and Poland.
Coal sales in the Russian domestic market amounted to 13.3 million mt, a year-on-year decline of 16%. Of this, 10 million mt was shipped to electric power generation companies.
Suek attributed the decline in domestic coal sales to a decrease in demand due to the mild winter, strong hydropower generation and excess coal stocks at power plants.
Suek produced 25 million mt of coal in the first quarter of 2014, up 3% on the year.
