New Delhi, Nov 6 (SocialNews.XYZ) Public sector giant Steel Authority of India Ltd (SAIL_ is keen to buy more coking coal from Russia as prices are cheaper than Australia, company chairman Amarendu Prakash said on Monday.
Coking coal is a crucial input in the steel making process and the bulk of the imports are currently sourced from Australia while some shipments also come from the US.
India imports around 70 million tonnes of coking coal every year as domestic coking coal is of poor quality.
However, high prices of imported col are eroding profit margins of steel companies because of which cheaper Russian coal appears to be a good option.
At the same time, SAIL is also reported to be considering through its SPV International Coal Ventures Private Limited (ICVL), to double the capacity of the Benga coal mine in Mozambique.
At present, ICVL has a 2 million tonnes per annum capacity.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz