India Observers

  The surge in import costs of coking coal, notably from Australia, is casting a shadow over the Indian  steel industry . With Australian coking coal prices soaring by 50% to over $350 per metric tonne due to transportation issues and reduced supplies, Indian steel mills, heavily reliant on these imports, are bracing for a cost increase of at least $50 per tonne in their finished steel products. This predicament has prompted steel companies to contemplate price hikes of $25 to $50 per metric tonne by December as a strategic move to offset the escalating import costs and safeguard their profit margins. In response to the escalating costs, some Indian steel firms are already taking proactive measures, incrementally raising prices by $12 to $24 per metric tonne for hot-rolled and cold-rolled products. This calculated approach aims to cushion the impact of rising import costs. Additionally, in a bid to diversify supply sources and mitigate dependence on Australian coking coal, the...