India steel companies may soon have a say in deciding prices
for Australian coal. The Indian steel mills, which have emerged as on the
largest buyers, plan to negotiate with Australian coal companies to fetch
better rates for themselves.
“When we buy coal from Australia, we are relying more on how
Australians are negotiating with the Japanese. Historically, Japan was
consuming a lot more than us”.
“But now since requirements have increased and are going to
further increase as we are going to be producing a lot more steel than Japan,
we have to take that dominant role in the negotiation for coking coal and even
thermal coal for meeting our energy requirements,” the co-chair,
India-Australia Chief Executive Forum and Chief Executive, Jindal Steel and
Power, Mr Navin Jindal, said at the conclusion of the Forum's first meeting.
Pointing out that the mining tax being levied in Australia
was a matter of concern, Mr Jindal said it is unlikely to deter Indian
investments into the sector although it would definitely reduce the enthusiasm
for investing there.
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