Indian government-run miner NMDC Limited and state-run steel producer Steel Authority of India Limited (SAIL) are exploring the acquisition of coking coal assets in Russia in line with the Indian government’s push to secure steelmaking raw material supplies, according to industry sources and local media reports on Wednesday, June 10.
India sent a delegation to Russia in May for preliminary discussions with Russian government officials and industry executives, the sources said.
SAIL has constituted an internal panel to study the potential opportunities and assess developments related to sourcing coking coal from Russia.
Beyond coal, India is also looking to diversify its nickel imports by increasing supplies from Russia. Initial discussions on the matter were held in New Delhi in April. At present, India sources nickel primarily from countries such as China, Japan and the United States, while imports from Russia account for only a small share.
Earlier this year, the Indian government had designated coking coal as a critical and strategic mineral. India remains heavily dependent on imports, with Australia supplying more than half of the country's coking coal requirements, followed by Russia and the United States.