Indian steel producers demand government involvement in the indexing of coking coal prices.
KJSS
India
25-01-2024
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The largest steel producers in India are requesting government intervention to regulate the cost of raw materials, namely iron ore and coking coal.
Mills has allegedly urged the government to advocate for a "more realistic" price discovery system after pointing out problems with the way that foreign players are determining the price of coking coal.
Steel producers have demanded intervention and action regarding two important price indexes, Platts and Argus Indexation, which "remain subjective" in determining the price of coking coal. These demands have been made through the Indian Steel Association (ISA), which is made up of AM/NS India, JSW, Tata Steel, Jindal Steel & Power, and PSUs like SAIL and RINL.