Coking coal rates pushing up steel prices in India: JSP MD Bimlendra Jha

Steel prices in India are registering an upward trend due to “rapidly” increasing rates of key input material coking coal, industry executive Bimlendra Jha said.

Coking coal and iron ore are the two main raw materials used to manufacture steel.

While iron ore is available in substantial quantity in India, steel players are bound to meet 90 per cent of their coking coal requirement through imports from countries like Australia and South Africa.

“Coking coal prices have increased rapidly (which are) currently trading at $ 341 per tonne CFR (cost and freight) India, from $ 230 a tonne in June-July 2023,” Jha, Managing Director of Jindal Steel and Power (JSP), told PTI.