India in talks with Russia to resume coking coal supply: Report

In 2021, India signed an agreement with Russia for importing coking coal.

According to a report by Reuters, Russia & India are in talks to resume shipping of coking coals to Indian steelmakers. The shipping of coking coal was stopped in March due to issues with payment methods.

Around 85% of coking coal is imported in India. In 2021, India signed an agreement with Russia for importing coking coal. India plans to double its Russian imports to 9 million tonnes by the end of this year.

As Russia invaded Ukraine several sanctions have been imposed on Russia, which are an obstacle for Indian steel giants in processing payments to Russia. Steel companies have looked for other ways to import coking coal from US & Australia but this costs more than the Russian import.

This year Australia raised its coking coal price from $200/tonne to $700/tonne. Due to this Indian steelmaker, JSW Steel & GOI officials met with the Russian delegation for talks to resume coking coal supply, as per a source of Reuters. The outcome of the talks is expected to be positive as India has not imposed any sanctions on Russia & has also abstained from voting against Russia.

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