According to India’s Steel Secretary Aruna Sharma, Indian firms are seeking to diversify sources for coking coal material after the powerful Cyclone Debbie that hit Australia in April 2017 affected prices and delivery. Recently, another storm also affected shipments and prices of steelmaking raw materials from Australia, but to a lesser degree.
Indian firms, alongside top buyers in China and Japan, have been reportedly seeking new sources for the key raw material in steel making and are expected to make or expand agreements for material from North America, CIS, and Africa along with countries in South America such as Colombia.
Several top Indian steel companies are reportedly in talks with Canada’s Teck Resources Ltd, the largest North American producer of coking coal, for long-term purchase agreements.