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India strives to procure steady coking coal supplies from Australia
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16 Nov 2023, 17:59 IST
Steel Mint Insights

India seeks steady coking coal supplies from Australia in an effort to help steel mills from falling supplies and rising prices of raw products. Nagendra Nath Sinha, the senior most official at India's federal Ministry of Steel, will meet Philip Green, Australia's high commissioner to India, and the two sides are likely to discuss India's need for coking coal. Australian total coking coal exports rose by 14% m-o-m to 11.67 million tonnes (mnt) in October 2023, as per CoalMint's vessel line-up data. Exports in the month of September were recorded at 10.24 mnt.

Australia contributes for more than 50% of Indian coking coal imports at around 70 mnt per year. The weather disruptions in Australia hit coking coal supplies which led to Indian users looking for alternative sources for coking coal imports especially Russia on better import offers.

India: SAIL to raise coking coal procurement from Russia

SAIL plans to increase coking coal purchase from Russia due to inexpensive prices compared to Australian coal. Four shipments of 75,000t each is expected to arrive in December 2023. Since, April 2023 SAIL has imported eight shipments from Russia.

Australian PHCC prices soar in Oct'23 on availability crisis

Australian PHCC Prices surged to a 7- month high during the month amid strong buying interest. Prices of Australian PHCC rose by 17% m-o-m to $364.7/t CFR India in October as against $310.9/t CFR India in September.

India: Coking coal imports rise by 7% m-o-m in Oct'23 on strong buying interest

India's coking coal imports in October 2023 rose by 7% m-o-m at 4.40 mnt, as per CoalMint data. Imports rose m-o-m on India's soaring industrial needs and the urgency to secure coking coal supplies, especially with depleting stocks. India's coking coal imports from Australia stood at 2.43 mnt in October 2023, largely stable m-o-m compared with 2.44 mnt in September 2023. Due to rising Australian coking coal prices, end-users now favour imports from Russia. The cost-effectiveness of Russian coal has become a prominent factor influencing consumer preference. Shipments from Russia rose marginally m-o-m to 0.49 mnt in October as against 0.48 mnt in September 2023.

16 Nov 2023, 17:59 IST



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