Jindal Steel Cuts Australian Coking Coal Dependency By 50%

Jindal Steel and Power Ltd. has announced that it has diversified its sources of coking coal, cutting its reliance on Australian supplies by over 50%. This move is expected to lower the overall cost of steel production, according to the company's regulatory filing on Thursday. The development is significant as the government has been working to reduce India's reliance on a few countries for coking coal supplies. Indian steel manufacturers had been sourcing large quantities of coking coal from Australia due to the lack of availability in the domestic market. By diversifying sources, the availability of coking coal is expected to improve and logistic costs are likely to decrease.