India's steel industry faces concerns over soaring coking coal prices, leading steelmakers to consider price hikes for various steel grades amid a shift toward green hydrogen for steel production.
Via Metal Miner India has almost replaced China as the most important coking coal export destination for the near future. This comes after a significant increase in steel demand in the subcontinent. The expected resurgence in China’s economy, mainly due to the government’s efforts to kick-start sectors like construction, has not materialized. In response, sector experts are beginning to lose hope where steel consumption is concerned.
Indeed, the BusinessLine report claims that steel companies in India have bought almost thrice the amount of coal from Russia in this fiscal’s first half, around 2.97 MT. The news report quoted Indian steel ministry officials as saying that Russia was now the third largest supplier, displacing Canada and Mozambique. It’s worth noting that Government-owned steel major SAIL was one of the major buyers of Russian coal.
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