By Malvika Gurung
Investing.com — In a conference in New Delhi on Sunday, Union steel minister Ramchandra Prasad Singh stated that India will be importing coking coal from Russia, a move which comes at a time when several Western nations are imposing heavy sanctions on Russia, condemning its invasion of Ukraine.
The steel minister’s statement came days after India bought and other commodities at discounted rates from Russia, post the US and its European allies slapping sanctions on Moscow.
Coking coal is a major ingredient used in steel manufacture, and India will import twice the quantity of the key material. Singh informed that the country has already imported 4.5MTs of coking coal, without giving details on the said period, cited a Reuters report.
Furthermore, vessels carrying a minimum of 1.06 million tonnes of coking coal and thermal coal will be reaching Indian ports by the end of March, informed Kpler.
This is the highest figure imported by the country since Jan 2020, added the report.
Moreover, several traders believe that because many countries including Japan, have slapped sanctions on Russia, the latter is expected to offer coking and thermal coal to India and China at competitive prices.
By Malvika Gurung
Investing.com — In a conference in New Delhi on Sunday, Union steel minister Ramchandra Prasad Singh stated that India will be importing coking coal from Russia, a move which comes at a time when several Western nations are imposing heavy sanctions on Russia, condemning its invasion of Ukraine.
The steel minister’s statement came days after India bought and other commodities at discounted rates from Russia, post the US and its European allies slapping sanctions on Moscow.
Coking coal is a major ingredient used in steel manufacture, and India will import twice the quantity of the key material. Singh informed that the country has already imported 4.5MTs of coking coal, without giving details on the said period, cited a Reuters report.
Furthermore, vessels carrying a minimum of 1.06 million tonnes of coking coal and thermal coal will be reaching Indian ports by the end of March, informed Kpler.
This is the highest figure imported by the country since Jan 2020, added the report.
Moreover, several traders believe that because many countries including Japan, have slapped sanctions on Russia, the latter is expected to offer coking and thermal coal to India and China at competitive prices.
