According to Australia and New Zealand Banking Group Limited (ANZ), India may triple its coking coal imports within five years to meet surging demand from steelmakers.
On May 30, Mark Pervan, the head of commodity research at ANZ, announced that steel production in India might increase by about 10 percent a year in the next five to 10 years, driving demand for coking coal. India's steel output is currently about one-tenth of that of China, the biggest steel producer in the world.
According to Mr. Pervan, India will be the largest export destination for coking coal and this is the reason why Indian steelmakers are trying to grab coking coal supplies in Australia.