New Delhi: India’s top steel maker Tata Steel Imported about 75,000 tons Coal From Russia in the second half of May, weeks after two trade sources and a government source pledged to stop doing business with Russia.
Tata Steel said in April that all of its manufacturing sites in India, the UK and the Netherlands had provided alternative supplies of raw materials to end its dependence on Russia, adding that it would “stop doing business with Russia”. making a conscious decision”.
Nevertheless, in May, Tata Steel shipped about 75,000 tonnes of PCI coal used in steelmaking from Russia’s Vanino port, of which 42,000 tonnes were unloaded on 18 May at a port in Paradip and 32,500 tonnes at Haldia, two trades. Sources said. who wished to remain anonymous as he was not authorized to speak on the matter.
A Tata Steel spokesperson said the deal to import coal from Russia was done ahead of the company’s announcement of cutting trade ties with Russia, without giving further details.
“Since the announcement, no other PCI coal has been purchased from Russia by Tata Steel,” the spokesperson said in an emailed statement to Reuters.
India has refrained from condemning Russia – with which it has long-standing political ties – in what Moscow described as its “special operation” in Russia. Ukraine, India has instead defended its purchases of Russian goods to diversify supply, arguing that the sudden halt would drive up prices and hurt consumers.
Tata Steel was the only major steel maker to announce that it would stop trading with Russia. Other Indian steelmakers are importing coal in bulk from Russia, trade data reviewed by Reuters showed.
Trade sources said the PCI coal was imported in a vessel named Panamax Austria. A government source confirmed that Tata Steel imported 75,000 tonnes of coal from Russia in May, but did not give further details.
Details on Tata Steel’s import of Russian coal have not been disclosed earlier.
Russian coal purchases by Indian buyers, including steelmakers, have risen in recent weeks despite Western sanctions on Moscow, as traders offer discounts of up to 30%, Reuters reported on Saturday.
The supply of cheap coal is especially important for Indian steelmakers now, as they grapple with export duties imposed by the Indian government last month to curb local inflation.
nifty The metal index has fallen over 20% since the decision to impose export tax on May 21, Tata Steel has lost nearly 26%, JSW Steel a drop of 12% more Jindal Steel And shares of Power have lost 21% of their value since the announcement.
Tata Steel said in April that all of its manufacturing sites in India, the UK and the Netherlands had provided alternative supplies of raw materials to end its dependence on Russia, adding that it would “stop doing business with Russia”. making a conscious decision”.
Nevertheless, in May, Tata Steel shipped about 75,000 tonnes of PCI coal used in steelmaking from Russia’s Vanino port, of which 42,000 tonnes were unloaded on 18 May at a port in Paradip and 32,500 tonnes at Haldia, two trades. Sources said. who wished to remain anonymous as he was not authorized to speak on the matter.
A Tata Steel spokesperson said the deal to import coal from Russia was done ahead of the company’s announcement of cutting trade ties with Russia, without giving further details.
“Since the announcement, no other PCI coal has been purchased from Russia by Tata Steel,” the spokesperson said in an emailed statement to Reuters.
India has refrained from condemning Russia – with which it has long-standing political ties – in what Moscow described as its “special operation” in Russia. Ukraine, India has instead defended its purchases of Russian goods to diversify supply, arguing that the sudden halt would drive up prices and hurt consumers.
Tata Steel was the only major steel maker to announce that it would stop trading with Russia. Other Indian steelmakers are importing coal in bulk from Russia, trade data reviewed by Reuters showed.
Trade sources said the PCI coal was imported in a vessel named Panamax Austria. A government source confirmed that Tata Steel imported 75,000 tonnes of coal from Russia in May, but did not give further details.
Details on Tata Steel’s import of Russian coal have not been disclosed earlier.
Russian coal purchases by Indian buyers, including steelmakers, have risen in recent weeks despite Western sanctions on Moscow, as traders offer discounts of up to 30%, Reuters reported on Saturday.
The supply of cheap coal is especially important for Indian steelmakers now, as they grapple with export duties imposed by the Indian government last month to curb local inflation.
nifty The metal index has fallen over 20% since the decision to impose export tax on May 21, Tata Steel has lost nearly 26%, JSW Steel a drop of 12% more Jindal Steel And shares of Power have lost 21% of their value since the announcement.