India, facing disruptions in coking coal supplies from Australia and surging prices, is set to increase imports from Russia. Australian coking coal prices surged 50% last month, prompting India to explore alternatives and diversify its import sources. Despite previous challenges due to economic sanctions against Russia, improved payment mechanisms have facilitated a shift, with Russian coking coal offering cost advantages. The Steel Authority of India and Rashtriya Ispat Nigam Ltd, backed by the Indian government, have opted for rupee settlements, and some Russian suppliers are reportedly willing to offer discounts. This move is expected to ease the strain on Indian steel mills grappling with supply uncertainties.

SOURCE: GOOGLE