India to solve coking coal problem by June
According to the statement released from Indian government, India will solve coking coal supply problem by June. Indian steel producers have been suffering from shortage of coking coal, as the price of the material has increased remarkably due to strong Chinese demand. It is stated that, many foreign mining companies avoid from making long-term agreements for supply of coking coal at previously fixed prices. However, that the Indian steel producers want to sign long-term agreements at previously fixed prices to have stable source of coking coal, led to supply problem of the material. It is expected that coking coal supply will be normalized by June, as the current agreements are to end by then. As previously reported by SteelOrbis, Indian government warned producers to find ways to reduce use of coking coal in blast furnaces and to reduce their dependence on imported coking coal. Major steel producers in India, such as Steel Authority of India Ltd (SAIL), Tata Iron and Steel Corp (TISCO) and Vizag Steel, taking government's warning into consideration, took certain measures to reduce their dependence on imported coking coal.