NEW DELHI, Nov 6 (Reuters) – Steel Authority of India (SAIL.NS) needs to extend coking coal purchases from Russia on account of cheaper costs and is anticipating 4 shipments, every with a capability of 75,000 tons, within the quarter ending December, chairman Amarendu Prakash mentioned on Monday.

Coking coal, a key uncooked materials in steelmaking, is briefly provide and Russian coking coal is cheaper in contrast with those from Australia, Prakash advised reporters on the sidelines of an trade convention.

Australia accounts for greater than half of India’s coking coal imports of round 70 million metric tons a yr. India additionally imports coking coal from Russia and the United States.

Since April, SAIL, the nation’s largest state-owned metal producer, had eight shipments from Russia.

Indian metal firms are planning to boost costs of varied grades of metal on account of rising import prices of coking coal, Reuters reported final month.

However, subdued world markets might offset strain on home metal costs, Prakash added.

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