India’s share of its total coking coal imports from Australia fell to 50 percent in the first two months of the current fiscal 2023-24, compared to 70 percent previously, as domestic steel mills diversify with alternate sources, a government official said in a statement on Monday, September 25.
Domestic steel mills have successfully developed the US, Russia, Canada, New Zealand and Mongolia as alternate sourcing to Australia, the secretary of the ministry of steel, N N Sinha, said.
He said that Indian coking coal imports in the fiscal year 2022-23 came to 56 million mt, of which 52 percent was shipped in from Australia, compared to 57 million mt imported into the country in 2021-22 of which 70 percent was sourced from Australia.
During the April-May period of the fiscal year 2023-24, imports totaled 9.9 million mt, of which 50 percent was sourced from Australia.
In the April-June quarter of 2023-24, coking coal imports from the US were estimated at 1.65 million mt, making it the second largest supplier to India.