India’s push to secure critical mineral supplies has led state-run steel giants Steel Authority of India Limited (SAIL) and NMDC Ltd to explore potential acquisitions of coking coal assets in Russia, according to sources familiar with the matter.
As part of these efforts, India, the world’s second-largest crude steel producer after China, dispatched a delegation to Russia last month for preliminary discussions with government officials and industry representatives. The talks focused on strengthening access to key raw materials required for the country’s expanding industrial and energy needs.
Sources said both SAIL and NMDC are assessing opportunities in Russia, with SAIL reportedly constituting an internal committee to evaluate potential options related to raw material sourcing.
Alongside coking coal, India is also examining opportunities to increase imports of nickel from Russia. Sources from both India and Russia indicated that initial discussions on the subject took place in New Delhi in April.
Neither India’s steel ministry, SAIL nor NMDC responded to requests for comment regarding the reported discussions. Russia’s energy ministry also did not immediately comment on the matter.
Nickel is considered a strategically important mineral for India’s electric vehicle ambitions, particularly for battery manufacturing. At present, India imports most of its nickel requirements from countries including China, Japan, Norway and the United States, with only limited quantities sourced from Russia.
The metal is also widely used in the production of stainless steel, making it an important input for multiple industries.
India has been actively working to secure long-term supplies of critical raw materials as it seeks to expand steel production and accelerate its transition towards cleaner energy technologies.
In January, the government classified coking coal as a critical and strategic mineral, citing the country’s heavy reliance on imports. Authorities have also identified minerals such as lithium, cobalt and rare earth elements as key resources requiring supply security.
Currently, more than half of India’s coking coal imports come from Australia, while additional supplies are sourced from countries including Russia and the United States.
NMDC has been evaluating overseas coking coal opportunities for some time. Last year, the company’s chairman indicated that the miner was also exploring potential investments in Australia and Indonesia as part of its broader strategy to secure raw material resources.
