The reasons remain the same lower prices, quicker deliveries, and supply diversification.
Russia's supply of coking coal the prime raw material in steelmaking-may more than double in FY24, led by state-owned Steel Authority of India Ltd and private steelmakers such as JSW Steel Ltd and Jindal Steel and Power Ltd (JSPL), two officials aware of the matter said. India's coking coal imports stood at 54 million tonnes (mt) in FY23, and these imports will account for a fifth of it this year, they said on condition of anonymity. Imports of Russian coking coal in FY23 stood at a mere 4 mt.
About 90% of India's coking coal requirement of 60 mt is currently imported, of which Australia alone contributes more than 70%. India has been looking to diversify its imports of steelmaking coal and identified a few markets. Russia has now emerged as a preferred source due to its pricing and ability to deliver it quickly, one of the two officials cited above said.
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