NEW DELHI (Reuters) - India plans to increase its import of coking coal from Canada in a bid to diversify its import basket, the steel ministry said in a statement on Wednesday.
India was in talks with Canada’s Teck Resources Ltd (TECKb.TO) for long-term purchase agreements after a cyclonic disruption in Australia cut supplies earlier this year, Reuters reported earlier this month.
“Although various measures are being taken to increase the supply of indigenous coking coal, India’s dependence on imported coking coal would continue,” the statement said.
“In such a scenario, multiple options for sourcing coking coal imports would lead to cost advantage and choice,” the ministry said, adding that Canadian coking coal imports were expected to increase.
The Indian delegation led by Steel Minister Chaudhary Birender Singh met with Teck executives in Canada earlier this month, the statement said, along with executives from ArcelorMittal SA (MT.AS), among others.
Reporting by Neha Dasgupta; Editing by Amrutha Gayathri