Due to expensive coal imports from Australia, Indian metallurgical companies are considering the possibility of increasing purchases from Russia. This was reported by Reuters.
According to representatives of four Indian steel companies, they plan to increase steel prices by $25-50 per tonne by December. The cost of Australian coking coal, which accounts for more than half of India’s imports, has increased by 50% to $350 per tonne. The reasons are maintenance, reduced production and logistics problems.
According to sources, Indian producers may switch to cheaper Russian coal. The rising costs of imported raw materials have already hit companies’ margins. At the same time, the demand for Indian steel is increasing due to the revival in construction and infrastructure. Some producers increased their product prices by $12-$24 per ton.
Recently the UAE augmented Gold imports from Russia after Western restrictions.
Previously Russia continued Oil supplies to Brazil