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Indian steel mills sourced nearly three times more coking coal from Russia in the first half of this fiscal compared with the same period a year earlier, while orders from Australia dropped to a low of the recent years.
Indian mills imported 2.97 million tonnes of coking coal from Russia over April-September, more than tripling the year-ago level of 0.87 million tonnes, mainly owing to favorable prices, local media reported, citing a trade source.
Russia has replaced two other key suppliers, Canada and Mozambique. A major buyer of Russian coal has been PSU major SAIL, according to the Hindu BusinessLine, citing unnamed sources.
The PSU major received four shipments of coking coal, each 75,000 tonnes, in the first quarter of FY 2024, with four more shipments totaling 300,000 tonnes expected in the second quarter.
In contrast, Indian mills imported 17.74 million tonnes of coking coal from Australia, down 8% year on year. This was the lowest of the past five years, except the first half of FY2022, mainly due to high prices.
India's coking coal imports remained hovering at 29 million tonnes or so, reaching 28.99 million tonnes in the first half of FY2024, down 0.7% year on year.
"There has been increased availability from domestic sources which saw some decline in imports, a marginal one though," the report cited a ministry official as saying.
(Writing by Emma Yang Editing by Harry Huo)
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