India’s coking coal imports hit six-year high

30 Oct 2024 CW Team

India’s coking coal imports surged to 29.6 million tonnes (mt) in the first half of FY25 (April–September), marking a six-year high. This represents a 3% year-on-year increase from 28.8 mt in the same period last year, according to market intelligence firm BigMint. The rise in imports aligns with higher steel production, which reached approximately 73 mt during this period, up 4% from the previous year, as reported by the Steel Ministry.

Russia emerged as a major supplier during this period, with shipments increasing over 200% year-on-year. Russian coking coal exports to India reached 4 mt in H1FY25, compared to 2.9 mt in H1FY24. This growth places Russia as India’s third-largest supplier after Australia and the US, with major buyers including state-run SAIL and JSW.

Australia’s share in India’s coking coal imports dropped to 54% (16 mt out of 29.6 mt), a significant decline from previous years. In H1FY22, Australia supplied 80% of India’s coking coal at 21.7 mt. This share decreased to 65% (18.7 mt) in H1FY23 and further to 62% (17.7 mt) in H1FY24. The shift reflects India’s diversification strategy, with steel mills modifying blast furnaces to accommodate Russian coal.

Meanwhile, Indian buyers maintained or slightly increased coking coal imports from Mozambique and Indonesia. However, purchases from Canada declined due to diplomatic tensions and more competitive pricing from other suppliers.

The increase in coking coal imports underscores India’s dependence on the commodity to support its expanding steel production, with Russia's discounted supplies playing a growing role in the market. (Business Line)

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