India initiates talks with Mongolia to increase sourcing of coking coal

Monday, 20 November 2023 10:39:47 (GMT+3)   |   Kolkata
       

India is in talks with Mongolia seeking opportunities to invest in logistical infrastructure in that country to facilitate imports of coking coal, an India government official said on Monday, November 20.

He said that the talks are taking place in the wake of uncertainties, disruptions and price volatilities faced by the domestic steel industry in importing coking coal from Australia.

The Indian government is seeking details of coking coal mines, operation of such mines, washeries and logistics to improve understanding of the coal mining industries in Mongolia, which in turn will enable Indian investors to identify investment opportunities and gaps to fill, aimed at shipping coking coal in India, the official said.

Being a land-locked country, coal shipments from Mongolia to India will need to be trans-shipped through rail and port facilities in Russia and China. The Indian government is seeking to set up a working group to explore these areas and promote investment and necessary logistical linkages to increase coking coal imports from Mongolia, the official said.

However, Mongolia currently exports coal based on prices at auctions at the Mongolian Stock Exchange and does not permit contracts based on spot sales, and this too is being discussed bilaterally between the two countries.


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