Impact Of Coking Coal Prices On The Indian Steel Industry
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The Indian steel industry is heavily dependent on coal imports as coking coal imports fulfil about 90% of its coal needs. The conflict in Ukraine, the drop in raw material prices, the application of an export levy by the Indian government, and rising stock levels are just a few of the variables that have caused flat steel prices in India to fluctuate recently. Input costs for Indian companies are predicted to increase as a result of the recent increase in coking coal prices and the anticipated increase in domestic iron ore prices.
Rising Input Costs
Steel producers in India have announced price increases across various categories in response to rising input costs, with an anticipated price increase of Rs 2,000–2,500/ ton. Coking coal prices are on the rise as a result of expectations that coal commerce between Australia and China will resume. Prices are anticipated to remain high this year, hovering around the $250–300 range. Major imports from China are doubtful, as their steel mills have already adapted to using Russian and Mongolian coal, which is available at a significant discount compared to Australian coal.
Impact On Long Steel Prices
The increase in input costs is anticipated to have a conflicting effect on the pricing of long steel in India. Costs for large-sized players are anticipated to stay high, even though mid-sized steel player prices are anticipated to follow suit as a result of the reduction in thermal coal prices. Experts estimate that coking coal prices will remain high in 2023, as Australia’s coal production is not expected to expand significantly.
Insight
While mid-sized player prices are predicted to decline marginally (as a result of the decrease in thermal coal prices), costs for large-sized players are predicted to remain high. Due to the lack of anticipated major growth in Australia’s coal production, experts predict that coking coal prices will stay high in 2023. Margins for long steel in India is expected to be affected negatively by the rise in input costs.
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