About 85 percent of India’s coking coal requirement is met through imports. The Modi cabinet has approved the agreement between India and Russia in the field of coking coal.
Agreement between India and Russia on coking coal.
India can meet 50 percent of its coking coal requirement through imports from Russia. A top industry executive has expressed this opinion. The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the agreement between India and Russia in the field of coking coal.
Currently, India is dependent on imports from a select few countries for this major raw material used in steel manufacturing. Jindal Steel & Power Ltd. (JSPL) Managing Director VR Sharma said, “The government has taken this forward thinking decision. With this, Russian mining companies will be able to supply coking coal to the steel mills of India. India can import at least 50 percent of coking coal from Russia. The rest will be imported from other countries.
India imports 85 percent of coking coal
About 85 percent of India’s coking coal requirement is met through imports. The cooperation agreement with Russia will reduce India’s dependence on countries like Australia, South Africa, Canada and the US for coking coal. “This will also reduce the cost of steel production per tonne, as Russia is geographically closer to India than other countries,” Sharma said.
20.4 percent jump in total coal imports in May
The country’s coal imports increased by 20.4 percent to 19.90 million tonnes in May. This information has been given in the data of mjunction services. In May last year, India’s coal import stood at 16.50 million tonnes. mjunction services said, “India’s coal and coke imports in May, 2021 increased by 20.4 percent from the same month last year. In May 2021, the import stood at 199 million tonnes, as against 16.5 million tonnes in the same month last year.
Coking coal imports increased to 44.1 lakh tonnes in May
In the first two months of the current financial year, the country’s coal imports increased by 25.4 per cent to 42.10 million tonnes from 33.6 million tonnes in the same period of the previous fiscal. The share of non-coking coal in total imports stood at 13.6 million tonnes in May, as against 10.5 million tonnes in the same month last year. At the same time, the import of coking coal increased to 44.1 lakh tonnes, which was 31.8 lakh tonnes in May 2020. Non-coking coal imports stood at 289 million tonnes in April-May, as against 22.8 million tonnes in the same period of the previous fiscal. During this period, the import of coking coal stood at 91.5 lakh tonnes, which was 64.1 lakh tonnes in the first two months of the previous financial year.
Also read, Big news for central employees, you will get additional transport allowance of Rs 9500, know the whole thing
Also read, Chai Sutta Bar Franchisee: Crowd will be there from morning till evening, there will be no tension of borrowing and there will be a lot of earning
(with language input)