India is driving toward the acquisition of coal mine in Mongolia and aspires to establish a plant for generating steel products in the nation, according to Mineweb.
The effort by the subcontinent is viewed as a drive to minimize imports considered more expensive as well as cut down on its reliance of coking coal from Australia, the news source reports.
India is seeking to capitalize on mine optimisation strategies and provide the needed coal as a first step for the steel plant. The follow-up step is to ship the remainder of the steel to India, which is working ot counteract a sizable slowdown of coal.
In 2011, China imported a larger amount of coal from Mongolia as compared to what it drew from Australia, marking the first time that has happened. India is driving toward what analysts believe will be a healthy supply and the nation should be able to finalize circumstances that will provide for its own feed. This is occurring as Australian coal drives higher in price.
The subcontinent presently draws a sizable amount of coking coal from Australia and Indian capacity for steel is slated to drive higher for the remainder of this year and the majority of next year.
The pact with Mongolia is headed toward relaxing the burden as a delegation of Indian officials including the steel authority chair will make the agreement official.
IndoLink reports India has extended an invitation to China to establish iron ore pellet plants in the subcontinent.
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