India cuts import duty to zero on coking coal, anthracite, PCI imports

In a good news for steel sector, Indian government has cut down import duty on Coking coal, Met coke, PCI, and Anthracite imports to zero from existing 2.5-5%. The move has come amid elevated coking coal costs that is up by more than 200% y-o-y. However, this would add to the worries of Indian coke producers as cheaper coke imports would impact their sales in the domestic market.