In response to a decline in coking coal shipments from Australia, India, the world's second-largest crude steel producer, is increasing imports from Russia. Australian coking coal prices surged by 50%, prompting India to diversify its imports. Despite past challenges due to sanctions, improved payment mechanisms between Indian buyers and Russian suppliers have facilitated this shift. Russian coking coal, already more affordable, becomes an attractive alternative for Indian steel mills, with government-backed companies opting for rupee settlements. This move comes as Australia reassures India of stable supplies, emphasizing India's strategy to secure a robust and diversified coking coal supply chain.

SOURCE: GOOGLE