Indian state-controlled steelmakers eyeing coking coal assets in Russia. Goal: boost supply of crucial raw material. Comes after India named coking coal a Critical and Strategic Mineral this year to support steel sector at home.
Last month,officials from Steel Authority of India (SAIL) and NMDC Ltd traveled to Russia. Talks with government and industry leaders centered on potential asset buys. India wants to diversify coal supply sources. Now,about half of India's steelmaking coal is from Australia,with Russia and U.S . also providing big shares .
One C in discussions with Russia for raw materials. Part of broader effort to secure more supplies for India's steel industry .
In January, Indian government designated coking coal Critical and Strategic Mineral under the Mines and Minerals (Development and Regulation) Act. Coking coal crucial for securing minerals,meeting domestic steel needs . Even with 37.37 billion tons of domestic coking coal,India imports about 95% of its demand…
Reforms aim to cut India's import reliance,boost supply-chain resilience,align with National Steel Policy goals. These changes might attract private investment in exploration,bring in modern mining tech .
India's steel industry facing hurdles,like rising gas and LPG prices,hit harder by Middle East crisis. Analysts at Institute for Energy Economics and Financial Analysis (IEEFA) noted these issues in April report. Pressure for stable,cost-effective raw materials is intense.
