India will take steps to ensure a steady supply of coking coal for domestic steel companies, which are struggling with cargo disruptions and rocketing prices in the wake of Russia’s invasion of Ukraine.
“We are discussing amongst ourselves, and we will definitely chalk out some plan on how to deal with this situation,” by India’s Steel Minister Ram Chandra Prasad Singh told Reuters in an interview.
“We will do something to bring a sense of confidence among our (steel) producers that in this situation also, we can find some solution. There are many options. And we will discuss in detail with everybody on how to go about this.”
He did not give details but he said India could approach other producers and could look at boosting local supplies and importing pulverized coke injection (PCI) as a substitute.
India’s demand for coking coal, used in steelmaking, is growing at a faster clip, and the country imports the bulk of its requirements from Australia.
India’s overall coking coal imports total 50-55 million tonnes, with overseas purchases rising 4% annually.