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India has maintained its position as the top consumer of seaborne coking coal after becoming the top buyer two years ago, owing to record crude steel production, despite a minor drop in imports to 56.96 million metric tonnes (MMT) in 2022 and 56.5 MMT last year.
In terms of raw material pricing, India has increased as a destination for spot cargoes, with 32% of all premium hard coking coal agreements published by Platts, part of S&P Global Commodity Insights in 2023 heading for the country, up from 25% in 2022. Deals completed on a CFR India and FOB Australia basis were included in this.
China has reversed its previous position as the largest marginal buyer of spot cargoes due to the shift in the coking coal trade flows. This was made clear when it imposed levies on imports from various sources in January. However, India's rise to the top spot has been more tentative.
Indian end-users of premium hard coking coals have aggressively sought alternate supplies to fuel expansion plans to reach 300 MMT crude steel capacity by 2030. This is demonstrated by the fact that India's imports from Australia have been declining since 2022, with a growing proportion of coal coming from other sources, such as the United States, Russia, and Canada.
According to industry sources, end-users have grown more experimental in terms of coal purchase and blending, and the coke oven technical manager is more adaptable to the procurement manager's limits and examines alternatives.
Even as India's coal sources diversify, each additional tonne of coal discovered will likely be purchased through a term contractual deal rather than on the coking coal spot market due to the desire for supply security.
Also Read : Global steel output up by 3.7% in February Global crude steel output declined by 5% over the year
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