Met coal shipments dropped to 42.2 MT in FY22. (Representational)
New Delhi:
Imports of metallurgical coal from Russia have spurted round three-fold within the final three years to round 15.1 million tonnes in 2023-24 primarily resulting from decrease costs whereas the identical from Australia have declined, in line with a analysis agency.
Russia’s share in India’s metallurgical coal imports of 73.2 million tonnes (MT) has risen to round 21 per cent from round 8 per cent in 2021-22, analysis agency Large Mint mentioned in an announcement.
The import of metallurgical coal, which incorporates coking coal and pulverised coal injection (PCI), from Russia, stood at 5.1 MT, accounting for 8 per cent of India’s whole imports of 65.6 MT of the commodity in 2021-22.
Metallurgical coal imports from Russia rose to 11.3 MT in 2022-23, accounting for 16 per cent of 69.9 MT met coal imports in that yr. In 2023-24, met coal imports from Russia have been 15.1 MT or 21 per cent of whole met coal imports of 73.2 MT.
Australia, a significant provider of met coal to India, noticed a decline within the commodity’s exports to India. Australia provided 50.7 MT of met coal in FY22, or 77 per cent of the entire imports of India.
Met coal shipments dropped to 42.2 MT in FY22, whereas market share additionally declined to 60 per cent.
Within the final fiscal, met coal imports from Australia dropped additional to 40.4 MT, leading to a market share of 55 per cent. Iron ore and metallurgical coal or met coal are important elements in metal manufacturing. India relies on imports to satisfy its home demand for met coal.
In line with BigMint analysts, “cost-benefit” is the primary cause for the rise in imports of metallurgical coal from Russia. Imports from Russia are costing much less to home metal gamers due to low costs, a BigMint analyst mentioned.
Nonetheless, in the long term, imports from Russia are projected to whittle down because the nation is predicted to impose an export tax on met coal and a rise in logistics value, one other analyst mentioned.
Talking with PTI earlier, SAIL Chairman Amarendu Prakash had mentioned the corporate sourced round 8 coking coal shipments of 75,000 tonnes every (totalling 600,000 tonnes) from Russia within the first two-quarters of FY24.
Tata Metal had additionally examined Russian coking coal in metal making.
V R Sharma of Jindal Metal and Energy (JSP) had mentioned India can fulfil 50 per cent of its coking coal requirement from Russia.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
