Coking coal, alongside iron ore, forms the cornerstone of steel manufacturing in India. While the country boasts substantial reserves of iron ore, it heavily relies on imports from countries such as Australia and South Africa to fulfill approximately 90% of its coking coal requirements.
Jha, the Managing Director of Jindal Steel and Power (JSP), noted that coking coal prices have surged from USD 230 per tonne in June-July 2023 to their current level of USD 341 per tonne CFR (cost and freight) in India.
The steel industry is grappling with the impact of these soaring coking coal prices, and as a result, consumers are witnessing an increase in steel prices.
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