India's steel ministry works to build a unified platform for common coking coal imports

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India's steel ministry works to build a unified platform for common coking coal imports

Notification 16 Jul 2024 12:08 PM IST Steel Orbis

The Indian government is working with domestic steel producers to build a single platform for importing coking coal to meet domestic demand and leveraging combined common purchasing to leverage pricing, according to Nagendra Nath Sinha, secretary of the Ministry of Steel.

Indian steel firms such as Jindal Steel and Power Limited (JSPL) and Steel Authority of India Limited (SAIL) were mentioned. JSW Steel ltd and Tata Steel imported coking coal based on their specific raw material requirements, and this 'fragmented' approach to procurement resulted in little leverage with miners overseas.

Hence, the government is taking the lead in forming a common platform where supply contracts are finalised based on the standard requirements of local steel mills, which would ensure higher volumes in a single contract and higher leverage with suppliers, he said.

India imports most of its coking coal from Australia, America, Canada and Russia. But we need to diversify our sources," Sinha said. "It's a challenge for individual steel manufacturers to come together and buy coking coal, but if the government takes the lead, we can have a coking-coal buyers' consortium," said Jindal Stainless CEO Abhyuday Jindal said in a statement.

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India's steel ministry works to build a unified platform for common coking coal imports

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