New Delhi: India plans to form a consortium of state-owned companies to facilitate coking coal imports to help domestic steel companies tide over shortages, two government sources said.
Stung by lower supplies and higher prices of coking coal, leading Indian steel companies have petitioned the government to help boost supplies of the key steel-making raw material.
Indian steel companies consume around 70 million metric tons of coking coal annually, and imports constitute around 85 per cent of the country’s total requirement.
Steel mills in India, the world’s second-biggest crude steel producer, have struggled with volatile supplies of coking coal from Australia, which normally accounts for more than half of India’s annual imports.
