The Indian government is working with the steel industry to create a “one nation, one buying coking-coal policy.” This plan aims to give India more control over the prices of imported coking coal, according to steel secretary Nagendra Nath Sinha. Currently, steel companies like SAIL and Jindal import coking coal separately, which weakens their bargaining power with foreign suppliers.
In the last fiscal year, India imported 56.04 million tonnes of coking coal worth ₹1.53 lakh crore, mostly from Australia and the US. Jindal Stainless MD Abhyuday Jindal mentioned that individual companies struggle to buy coking coal together, but a government-led buyers’ consortium could improve their buying power.
Diversifying coking coal sources is also important to ensure a steady supply. India mainly imports from Australia, America, Canada, and Russia, but needs to explore more options. Sinha emphasized the need for a beneficiation policy to support the growing steel demand. As India’s economy grows, iron ore consumption will increase significantly. Currently, India produces 270 million tonnes of iron ore, but will need 437 million tonnes by 2030 to meet steel production goals.
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