Imports from Australia are likely to decrease to 39.4 mnt down from 41.6 mnt in FY’23, or around 5% y-o-y. Imports of prime met coal from Australia may decline to less than 55% of total imports by India compared to over 60% in the last fiscal. Some Australian volumes have been knocked off by Russian cargoes, mainly due to discounts offered by Russian suppliers and surging PHCC prices in H2FY’24. Therefore, imports of Russian met coal are set to increase by nearly 35% y-o-y despite strong growth in H2 of last fiscal.
