Russian and Indian officials met last week in an effort to resolve an impasse over the shipping of coking coal to Indian steelmakers, which has dried up since March over payment methods, a trade source and an Indian government source said.
Russia usually supplies about 30% of European Union, Japanese and South Korean coking coal needs, while India had planned to double its Russian imports to around 9 million tonnes this year.
Imports make up around 85% of India's overall coking coal needs, which total 50-55 million tonnes a year, and New Delhi last year signed a deal to import from Russia. But complications with processing of payments and logistics as a result of sanctions against Russia mean steel mills are opting for alternative sources such as Australia and the US, pushing up prices in the process.
Australia, India's top supplier of coking coal, has raised its prices from $200 to $700 per tonne this year, while flows from Russia have dried up completely since March, the two sources said on Monday, raising worries among India's steelmakers over their supplies. As a result, Indian government officials and executives from JSW Steel met a delegation from Russia in New Delhi on Friday, the sources said of the previously unreported meeting.
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