According to two sources who spoke to Reuters and requested anonymity, the discussions are expected to begin next month במסגרת a global steel summit.
At the summit, described by the Indian government as the country’s largest international conference and exhibition, key topics will include securing critical raw materials such as coking coal and iron ore, as well as access to technology.
As the world’s second-largest crude steel producer, India remains heavily dependent on imports of ferronickel required for stainless steel production. In this context, strengthening cooperation with Indonesia, which holds the world’s largest nickel ore reserves, is a primary objective.
Meanwhile, India imports significant volumes of iron ore from Oman and Brazil to meet rising domestic demand. Last month, New Delhi signed an agreement with Brazil to expand cooperation in mining and minerals.
Talks with Argentina will focus on securing the supply of lithium and other critical minerals for the state-owned mining company NMDC. Argentina is the world’s fourth-largest producer of lithium, a key material for electric vehicle batteries and renewable energy storage systems.
In January, the Indian government announced its goal to ensure stable supplies of critical raw materials such as coking coal, lithium, cobalt, and rare earth elements, in line with its plans to increase steel production and accelerate the transition to cleaner energy.
Alongside meeting growing domestic demand driven by strong economic growth and increased infrastructure spending, India also aims to increase steel exports. In this context, New Delhi is shifting its export markets from Europe to Asia and the Middle East to offset the impact of the European Union’s carbon tax.
On the other hand, uncertainty surrounding overseas raw material supply continues, while India’s steel sector faces a severe gas crisis triggered by the war in the Middle East. This situation threatens production among small-scale steelmakers, and a facility under JSW Group has warned of a potential shutdown risk.
India’s Steel Ministry and NMDC have not yet responded to Reuters’ questions on the matter.
Comments
No comment yet.