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India purchased almost 6 million tonnes (MT) of coking coal from Russia in April–February of FY24, substantially tripling its purchases over the previous seven years. Over the last five years, the average amount purchased from Russia has been around 1.8 MT.
Russia, the third largest supplier in the second half of FY24, is gaining market share at the expense of Australia and smaller countries such as Canada and Mozambique. The United States is the second largest (purchasing) source for Indian mills, with 7.54 MT of supplies, up 100% over the previous seven-year average shipments of 3.7 MT.
Coking coal is a key feedstock material for steel-making, and India - the second largest steel maker - is amongst the highest material importers globally. According to data compiled by various Ministries and trade sources, Russian coking coal shipments grew by 214 % YoY from 1.92 MT for 11MFY24. In earlier years, coking coal shipments were 1.32 MT in 11M FY22, 2.02 MT in FY21, 2.61 MT in FY20, 1.27 MT in FY19, and 1.82 MT in FY18, as per data compiled by a market research firm.
With Europe not buying, Russian coal comes into India at a nearly 20-30% discount over the Australian hard coking coal price, currently around $270 - 280 per tonne. Trends indicate that Russia will continue to remain the third largest supplier of coking coal, with shipments being double that of Canada (3 MT for 11MFY24). For one, government-backed steel majors like SAIL are buying more, and some larger private players are settling for Russian coking coal.
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