India’s one of the major steel producers, Jindal Steel & Power Limited (JSPL) has decided to quit importing Coking Coal from Australia in coming 3-month.
[su_pullquote align=”right”]JSPL has around 700 MnT of Coking Coal reserves in Mozambique. In last year, it took over majority stakes in Gujarat NRE Coking Coal, Australian unit of Gujarat NRE Coke with 650 MnT reserves. So, the company is more confident on fuel supplies and in couple of years, most of the Coking Coal will be coming from its own overseas sources.
– by Mr. Sharma, Deputy Managing Director of Jindal Steel. [/su_pullquote]
JSPL is looking forward to procure more from its own mines based in Mozambique, from which shipment already has been started. SteelMint noted that during the current financial year (till Feb), company has imported around 0.36 MnT of Coking Coal from Mozambique.
JSPL’s top official told to media that the company will not import Coking Coal from Australia further after 3-month as it is focusing to acquire more Coal from its own Mozambique based mines, which will be more cost effective for future.
The Company is obtaining almost 50,000 MT Coking Coal from Mozambique per month, however they are also importing from Australia & USA. SteelMint noted that the company has imported around 0.51 MnT Coal mostly from Australia during the current fiscal year (till Feb), around 0.39 MnT from USA and around 0.36 MnT from Mozambique.
A recent shipment from Mozambique of Semi hard Coking Coal in Paradip port cost around USD 143-143.50/MT on CIF basis.
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