2 weeks Ago
An Indian delegation , including senior government officials, will leave for Mongolia next month to discuss importing coking coal from the landlocked nation. The move aims at diversifying raw materials sources, and will not only increase the availability of the key steel making material but also help in cost optimisation of producing the commodity. "We are looking at the possibility of import of coking coal from Mongolia.
An Industry delegation went (to Mongolia some time back) and a government delegation is going next month," Steel Secretary Sandeep Poundrik told PTI. India remains dependent on select group of nations -- largely Australia -- to meet 80-90 per cent of its coking coal requirements. As they are located far, it takes months for cargo ships to transport the raw material to India.
The logistics adds to the overall cost production of steel makers. Imports from Mongolia, which is geographically closer to India, will provide cost benefit to the domestic steel players and improve availability of the raw material. The government has been taking several measures to source coking coal from Russia and Mongolia.
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P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program State-owned SAIL has imported coking coal from Russia to produce steel. (You can now subscribe to our Economic Times WhatsApp channel ).
