In the April-January 2023-2024 financial year, Russian coking coal shipments to India increased by 180% year-on-year to 4.97 million tonnes.
This growth coincided with the signing of a Memorandum of Agreement on coal supplies between the two countries.
India, the world's second largest steel producer, is a major importer of coking coal. However, while it traditionally bought from Canada and Mozambique, this has changed in the last five years, making Russia the third largest supplier.
Australia still ranks first in terms of total coking coal supplies to India, but its market share has declined significantly over the past five years. According to government data, the share of Australian coal has fallen from 75 per cent to 60 per cent, indicating increased competition from other suppliers.
Australia's coke sales to India down 10 per cent
In the 10 months of the current financial year, shipments of Australian coking coal to India also declined by 10 per cent compared to the previous year. At the same time, Russia and the US significantly increased their shipments, demonstrating their growing interest in the Indian market.
The US increased its shipments by 150% to 6.99 million tonnes during this period and became the second fastest growing country.
According to analysts, growing demand from India, the changing geopolitical situation and increasing competition among suppliers are having a significant impact on the coking coal market. These factors are expected to shape the market in the upcoming years.
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