India's steel minister Ramchandra Prasad Singh on Sunday (March 27) said that the country is leaning toward continuing to import coking coal from Russia amid the Ukraine crisis.&nbsp;

In a press conference in New Delhi, Singh as quoted by Reuters said, "We are moving in the direction of importing coking coal from Russia."&nbsp;

The minister further said that India plans to double imports of Russian coking coal, which is a key ingredient in making steel. He also said that the country had imported 4.5 million tonnes, although he did not tell the exact time and period of import. &nbsp;&nbsp;

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In an apparent reference to the ongoing Russia-Ukraine conflict, the minister said that "smooth supplies" from Russia of coking coal have been affected. Although, he neither gave any specifics nor revealed details.&nbsp;

Soon after Russia ordered special "military operations" in Ukraine on February 24, Western countries slapped Russia with multiple sanctions, leaving the country's economy reeling and in global isolation.&nbsp;

The conflict, which is escalating with the passing of each day, has impacted the world economies immensely. , India, a major buyer of Russian goods from commodities to weapons, has abstained from several key United Nations votes condemning the invasion.&nbsp;

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It has been understood that Russia, typically India's sixth-largest supplier of coking and thermal coal, could start offering more competitive prices to Chinese and Indian buyers as European and other customers spurn Russia because of sanctions.&nbsp;

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(With inputs from agencies)

India's steel minister Ramchandra Prasad Singh on Sunday (March 27) said that the country is leaning toward continuing to import coking coal from Russia amid the Ukraine crisis.

India's steel minister Ramchandra Prasad Singh on Sunday (March 27) said that the country is leaning toward continuing to import coking coal from Russia amid the Ukraine crisis. In a press conference in New Delhi, Singh as quoted by Reuters said, "We are moving in the direction of importing coking coal from Russia." The minister further said that India plans to double imports of Russian coking coal, which is a key ingredient in making steel. He also said that the country had imported 4.5 million tonnes, although he did not tell the exact time and period of import. ALSO READ | India's diamond city gets the country's first 'steel road'. Details here In an apparent reference to the ongoing Russia-Ukraine conflict, the minister said that "smooth supplies" from Russia of coking coal have been affected. Although, he neither gave any specifics nor revealed details. Soon after Russia ordered special "military operations" in Ukraine on February 24, Western countries slapped Russia with multiple sanctions, leaving the country's economy reeling and in global isolation. The conflict, which is escalating with the passing of each day, has impacted the world economies immensely. , India, a major buyer of Russian goods from commodities to weapons, has abstained from several key United Nations votes condemning the invasion. ALSO READ | Two German states outlaw the display of Russia's 'Z' war symbol It has been understood that Russia, typically India's sixth-largest supplier of coking and thermal coal, could start offering more competitive prices to Chinese and Indian buyers as European and other customers spurn Russia because of sanctions. WATCH | Ukraine: Poland must send warplanes amid the ongoing Russian invasion of Ukraine × (With inputs from agencies)

Is India leaning toward continued import of Russian coking coal?

Ahead of the Budget, domestic iron and steel players have sought abolition of 2.5 per cent basic customs duty on import of <a href="https://www.wionews.com/business-economy/indias-coal-output-up-10-to-156-mt-during-april-november-182611">coking coal</a> - a key raw material used in steelmaking.

Removal of duty on coking coal is a long-standing demand of the industry. At present India's 85 per cent of demand for coking coal is met through imports, industry bodies Ficci and CII have apprised the Ministry of Steel in a pre-Budget proposal.

"As there is no substitution for coking coal in steel making, import duty of 2.5 per cent on coking coal is redundant as import protection," the industry demanded in the proposal.

Due to the increasing and volatile coking coal prices, domestic merchant pig iron industry is suffering from huge losses, which forced many players to stop operations, it said.

The industry has forecast that the financial year 2030 - the year by which India aims to take its the capacity to 300 million tonnes - the demand for coking coal would be at 178.7 million tonnes and 140.2 MT will be met through imports.

However, it also noted that as per the National Steel Policy, the dependence on imported coking coal is supposed to be brought down to 65 per cent by 2030.

Scrap is another element which is posing a threat for the domestic steel manufacturers, the proposal said, requesting the duty on import of scrap should be raised to 10 per cent from the current level 2.5 per cent.

It also sought for BIS standard for scrap besides review MIP of scrap. 
"Cheap quality scrap imports have increased by 9 per cent in FY19 from FY17 which has resulted in net forex outgo increase by 58 per cent to USD 1.77 billion till February 2019.

"No BIS certification or standards are in place for scrap which leads to lack of authenticity on material import. There is also the risk of scrap being hazardous and radioactive since there is no norms or check," the proposal note said.&nbsp;

Ahead of the Budget, domestic iron and steel players have sought abolition of 2.5 per cent basic customs duty on import of coking coal - a key raw material used in steelmaking.

Ahead of the Budget, domestic iron and steel players have sought abolition of 2.5 per cent basic customs duty on import of coking coal - a key raw material used in steelmaking. Removal of duty on coking coal is a long-standing demand of the industry. At present India's 85 per cent of demand for coking coal is met through imports, industry bodies Ficci and CII have apprised the Ministry of Steel in a pre-Budget proposal. "As there is no substitution for coking coal in steel making, import duty of 2.5 per cent on coking coal is redundant as import protection," the industry demanded in the proposal. Due to the increasing and volatile coking coal prices, domestic merchant pig iron industry is suffering from huge losses, which forced many players to stop operations, it said. The industry has forecast that the financial year 2030 - the year by which India aims to take its the capacity to 300 million tonnes - the demand for coking coal would be at 178.7 million tonnes and 140.2 MT will be met through imports. However, it also noted that as per the National Steel Policy, the dependence on imported coking coal is supposed to be brought down to 65 per cent by 2030. Scrap is another element which is posing a threat for the domestic steel manufacturers, the proposal said, requesting the duty on import of scrap should be raised to 10 per cent from the current level 2.5 per cent. It also sought for BIS standard for scrap besides review MIP of scrap. "Cheap quality scrap imports have increased by 9 per cent in FY19 from FY17 which has resulted in net forex outgo increase by 58 per cent to USD 1.77 billion till February 2019. "No BIS certification or standards are in place for scrap which leads to lack of authenticity on material import. There is also the risk of scrap being hazardous and radioactive since there is no norms or check," the proposal note said.

Steel, iron makers seek removal of duty on coking coal; higher tariff on scrap

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