JSWSTEEL

Dec 3 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - JFE TO BUY 50% STAKE IN JSW KALINGA FOR 157.50 BILLION RUPEES

• 
  

Source text: ID:nBSE2G9Q2t

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, Nov 24 (Reuters) - India's finished steel imports during the first seven months of the financial year were down 34.1% year-on-year, according to provisional government data reviewed by Reuters on Monday.

India, the world's second-biggest crude steel producer, imported 3.8 million metric tons of finished steel during April-October and was a net importer of the alloy, the data showed.

South Korea was the biggest exporter of finished steel to India during the period, shipping in 1.4 million metric tons of finished steel, followed by China, Japan and Russia.

Domestically, steel prices were under pressure due to headwinds from weak demand and high supply, "while trading activity remained subdued in view of the ongoing festival season", the government report said.

Reuters reported in October that small steel producers were struggling with weak demand and falling prices.

India exported 3.5 million metric tons of finished steel during April-October, up 25.3% year-on-year, the data showed.

Italy and Belgium were the biggest markets for Indian steel during the period, followed by Spain, according to the data.

India's finished steel production during April-October stood at 91.6 million metric tons, while crude steel production was at 95.7 million metric tons, the data showed.

Consumption of finished steel during the period stood at 92.2 million metric tons, up 7.4% year-on-year.

(Reporting by Neha Arora; Editing by Jan Harvey)

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By Neha Arora

NEW DELHI, Oct 15 (Reuters) - India's steel mills secured only about half of their metallurgical coke needs from domestic suppliers in the first half of 2025, highlighting shortages and amplifying their calls for an easing of import curbs on the key steelmaking material.

Between January and June, India produced 1.5 million metric tons of metallurgical coke, while demand was roughly double that at 3.09 million tons, according to a source familiar with the matter and internal government data reviewed by Reuters.

India, the world's second-largest crude steel producer, introduced the import curbs in January to try to boost the local metallurgical coke industry. In June, it extended the curbs, setting country-specific quotas and capping overseas purchases at 1.4 million tons between July 1 and December 31.

STEELMAKERS CALL FOR EASING OF IMPORT CURBS

Some steel mill executives, speaking on condition of anonymity because they were not authorised to talk to the media, said the latest local metallurgical coke output data raised questions about that decision.

Indian steel producers have urged the government to raise import quotas nearly sevenfold to ease what they call a critical supply crunch.

The federal Ministry of Commerce and Industry did not respond to an email seeking comment.

Last year, the automobile industry lobby also urged the government against curbs on metallurgical coke imports, warning of potential supply disruptions for auto components, according to a letter from the Society of Indian Automobile Manufacturers seen by Reuters.

The industry group did not respond to an email seeking comment.

Major steelmakers, including JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India have raised concerns about the curbs, saying they disrupt their expansion plans by making it difficult to source preferred grades locally.

Imports of low-ash metallurgical coke more than doubled in the four years before the curbs, with major suppliers including China, Japan, Indonesia, Poland, and Switzerland.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Mark Potter)

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Sept 26 (Reuters) - India's Supreme Court approved on Friday a $2.3-billion takeover by steelmaker JSW Steel JSTL.NS of Bhushan Power and Steel.

(Reporting by Arpan Chaturvedi and Chandini Monnappa; Editing by Clarence Fernandez)

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By Neha Arora

NEW DELHI, Aug 27 (Reuters) - Indian steel producers have called on the government to sharply raise import quotas for low-ash metallurgical coke, seeking a near sevenfold increase to address what they say is a critical supply crunch, according to sources and a government document.

India, the world's second-largest crude steel producer, in June extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting in July.

New Delhi also set country-specific import quotas and capped purchases at 1.4 million metric tons from July 1 to December 31.

Steelmakers have urged Prime Minister Narendra Modi's administration to raise the import quota to 9.3 million metric tons, with the largest share of additional shipments sought from Indonesia, followed by Japan and Poland, said the sources aware of the matter.

The steelmakers' requests were recorded in a government document prepared by senior officials, which was reviewed by Reuters.

Steel firms have requested 2.6 million metric tons of imports from Indonesia, far exceeding the government's current allocation of 66,364 metric tons, according to the document.

Rapid capacity expansion by steel companies has strained met coke availability, and the abrupt policy curbs have dealt a blow to major producers, one of the sources said, speaking on condition of anonymity as deliberations were not public.

Many steel company executives have told the government that domestic met coke output is insufficient to meet demand, said the sources.

The federal Ministry of Commerce and Industry did not respond to a Reuters email seeking comments.

Major steelmakers such as JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India have expressed concerns over import curbs, arguing the restrictions disrupt their expansion efforts due to the difficulty in sourcing preferred grades locally.

JSW, India's largest steelmaker by capacity, met federal trade ministry officials late last month to request a higher allocation of met coke, Reuters reported earlier.

Imports of low-ash met coke have more than doubled over the past four years, with major suppliers including China, Japan, Indonesia, Poland, and Switzerland.

Earlier this year, Piyush Goyal, India's trade minister, urged steelmakers to source met coke locally.

The federal Ministry of Steel has also supported the import restrictions, saying local supplies of met coke are sufficient to meet demand, Reuters reported earlier.

(Reporting by Neha Arora
Editing by Mayank Bhardwaj and Peter Graff)

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Aug 21 (Reuters) - JSW Steel Ltd JSTL.NS:

• UNIT DECLARED AS SUCCESSFUL BIDDER FOR A COAL BLOCK, RAJGAMAR DIPSIDE IN CHATTISGARH

Source text: ID:nBSEPgVwN

Further company coverage: JSTL.NS

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Aug 18 (Reuters) - JSW Steel JSTL.NS and South Korea's POSCO 005490.KS have entered a deal to explore setting up an integrated steel plant in India, the country's largest steelmaker by market capitalisation said on Monday.

(Reporting by Manvi Pant; Editing by Mrigank Dhaniwala)

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NEW DELHI, Aug 11 (Reuters) - The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Monday.

India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors.

"China is selling wire rods of alloy steel at very low prices, and imports have gone up considerably in the last three years, hurting the local alloy steel producers," said Anil Dhawan, director general, Alloy Steel Producers Association of India (ASPA).

Alloy steel wire rods are mainly used for automobiles and their components, Dhawan said.

Dhawan said the anti-dumping petition was filed on July 31 with the Directorate General of Trade Remedies, which falls under the Ministry of Commerce and Industry.

The ASPA's members include JSW Steel JSTL.NS, India's biggest steelmaker, as well as Jindal Steel JNSP.NS, Kalyani Steels KLSL.NS, and Mukand Sumi Special Steel, among others.

In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

(Reporting by Neha Arora; Editing by Sonali Paul)

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Aug 11 (Reuters) - Hatch:

• CONSORTIUM UNDERTAKING PRE-FEASIBILITY STUDY TO ASSESS DEVELOPMENT OF CARBON CAPTURE, UTILISATION & STORAGE HUBS ACROSS ASIA

• CONSORTIUM OF ARCELORMITTAL NIPPON STEEL INDIA, JSW STEEL, HYUNDAI STEEL, BHP, OTHERS

• CONSORTIUM STUDY WILL SEEK POTENTIAL APPLICATIONS FOR CAPTURED CO2 IN INDUSTRIAL PROCESSES IN ASIA, OTHERS

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By Neha Arora

NEW DELHI, Aug 7 (Reuters) - India's JSW Steel has urged the government to raise the company's allocation in quotas to import low-ash metallurgical coke, a steelmaking fuel, to tide over shortfalls, two sources familiar with the matter said.

India, the world's second-biggest crude steel producer, in June extended country-specific import quotas of so-called met coke for six months to the end of December, capping purchases at 1.4 million metric tons.

JSW Steel, India's biggest steelmaker by capacity, met officials from the federal trade ministry late last month, the sources said, declining to be identified because deliberations are not public.

JSW Steel executives urged government officials to increase the company's allocation, citing operational difficulties at two of their units in the southern state of Karnataka and the central state of Chhattisgarh, the sources added, without saying how much extra the company wanted to import.

"Naturally, this quota is hampering operations and we have given representation. The matter is still under discussion," one of the sources said.

JSW Steel had the option of moving some of its surplus from other locations to the affected plants but the logistics cost was an impediment and not enough was being produced to meet the shortfalls, the source added.

The federal trade ministry did not respond to an email seeking comment. JSW Steel had no comment.

The import curbs have worried major steel producers in the past as well, including JSW Steel and ArcelorMittal Nippon Steel India, which have argued the curbs hinder the companies' expansion plans because it is difficult to source preferred grades locally.

India has also launched an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

Earlier this year, Commerce Minister Piyush Goyal urged steelmakers to source met coke locally.

The federal Ministry of Steel has also backed the import curbs, saying there was adequate supply of met coke locally to meet demand, Reuters has reported.

(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)

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Adds details in paragraphs 3 and 5-8

TOKYO, Aug 4 (Reuters) - JFE Holdings 5411.T, parent of Japan's second-biggest steel maker, posted 7.1 billion yen ($48 million) in net profit on Monday for the three months ended on June 30, down 74% from a year earlier and missing analysts' forecasts.

An LSEG poll of analysts had expected JFE Holdings to report 16.1 billion yen in quarterly net profit. The company recorded 27.5 billion yen in profit in the same period of last year.

It said its crude steel production for the period was 5.28 million metric tons, down from 5.48 million tons a year ago, while it also faced weaker export profitability and was hit by foreign exchange fluctuations.

JFE Holdings kept its profit forecast for the year ending next March unchanged at 75 billion yen.

In a separate statement on Monday, JFE said that, together with India's JSW Steel JSTL.NS, it will invest 120 billion yen to expand production capacity at two plants in India.

The investment will increase output of cold rolled grain-oriented electrical steel - a specialised product used in transformers, generators and motors - to 350,000 tons per year.

One of the plants is set to start full production in 2027, and the other has current capacity of 50,000 tons annually.

The expansion aims to help satisfy rising demand from new power infrastructure, the growth of renewable energy use and an increase in the number of data centres in India, JFE said.

($1 = 147.8000 yen)

(Reporting by Katya Golubkova; Editing by Kim Coghill and Joe Bavier)

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Aug 4 (Reuters) - Australia's BlueScope Steel BSL.AX said on Monday it would lead a global consortium of steelmakers in bidding for commodity tycoon Sanjeev Gupta's Whyalla Steelworks.

The group includes Japan's Nippon Steel 5401.T, India's JSW Steel JSTL.NS, and South Korea's POSCO 005490.KS, with a combined market value of A$115 billion ($74.36 billion).

($1 = 1.5466 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sandra Maler)

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July 31 (Reuters) -

• INDIA'S TOP COURT SAYS RECALLS PREVIOUS ORDER QUASHING $2.3 BILLION JSW-BHUSHAN POWER DEAL

• INDIA'S TOP COURT SAYS TO HEAR CHALLENGE TO $2.3 BILLION JSW-BHUSHAN POWER DEAL AFRESH

Further company coverage: JSTL.NS

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July 25 (Reuters) - Chery Automobile Co Ltd CHERY.UL:

• COOPERATION WITH INDIA'S JSW ON COMPONENTS SUPPLY, NOT INVOLVING TECHNOLOGIES- STATEMENT

Source text

Further company coverage: CHERY.UL

(Reporting by Jessie Pang and Beijing newsroom; Editing by Jacqueline Wong)

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** Indian steelmaker JSW Steel JSTL.NS beat first-quarter profit view on Friday, driven by firm domestic steel prices and easing raw material costs

** At least four analysts have upgraded their rating on the stock, while four have hiked their PTs - data compiled by LSEG

PRICE DRIVEN GROWTH

** Jefferies ("buy," PT: 1,200 rupees) says Q1 was a "good" quarter with a positive growth outlook by the company as it is further expanding its capacity to 36 mtpa in FY26

** Nuvama ("reduce," PT: 977 rupees) says earnings were driven by higher steel prices and they are expected to rise post-monsoon after bottoming out in July, thus boosting earnings for JSTL

** Emkay Global ("add," PT: 1,050 rupees) says extension of safeguard duty on imported cheap steel will help JSTL, with strong demand further supporting steel prices

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of JSW Steel JSTL.NS are down 0.5% ahead of Q1 results due later in the day

** Analysts, on avg, expect India's top steelmaker to more than double consol net profit, per data compiled by LSEG

** Expect steel firms to benefit after govt imposed 12% duty on steel imports

** Steel sector should also benefit from lower coking coal prices despite the slight uptick in iron ore price - HDFC Securities

** However, with demand weakness during monsoon and persistent domestic oversupply, industry margin appears to be approaching near-term peak - Elara Capital

** On avg, JSTL rated "buy", median PT at 1,060 rupees - LSEG data

** YTD, JSTL up nearly 14%

($1 = 86.1790 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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- Source link: (https://bitl.to/4p6L)

- Note: Reuters has not verified this story and does not vouch for its accuracy

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Rewrites with details and background throughout

June 30 (Reuters) - The Indian government has extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting July, a government order said on Monday, dealing a blow to steelmakers who oppose restrictions on overseas purchases.

India, the world's second-largest crude steel producer, will set country-specific import quotas and cap purchases at 1.4 million metric tons from July 1 to December 31, the order said.

Reuters in February reported that India could extend curbs on low-ash met coke imports to encourage local steel mills to use domestic suppliers. It also reported in May that India's steel ministry favoured extending the restrictions.

The curbs have worried major steel producers, including ArcelorMittal Nippon India and JSW Steel JSTL.NS, who argue they hinder the companies' expansion plans because it is difficult to source preferred grades locally.

India's Commerce Minister Piyush Goyal in April urged steelmakers to source met coke locally.

India has also started an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

(Reporting by Neha Arora and Harshita Meenaktshi. Editing by Susan Fenton and Mark Potter)

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Corrects to say liquidation, not liquidity, in paragraph 4; the story was previously corrected to add dropped words "pause on" in paragraph 4

June 25 (Reuters) - Indian steelmaker JSW Steel JSTL.NS said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover plan of Bhushan Power and Steel (BPSL).

Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed.

On May 26, the court halted the liquidation proceedings of the debt-ridden firm after JSW Steel and some creditors of BPSL told the Supreme Court that they would file a review petition against the order.

The court had said that the pause on liquidation proceedings will be in effect until a review petition is filed and taken up.

The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms, Reuters reported in May.

The Supreme Court cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order.

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

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June 25 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL LTD - FILES REVIEW PETITION BEFORE SUPREME COURT ON JUNE 25, 2025

• JSW STEEL - UPDATE ON SUPREME COURT ORDER IN MATTER OF BHUSHAN POWER AND STEEL

Further company coverage: JSTL.NS

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June 9 (Reuters) - JSW Steel Ltd JSTL.NS:

• REPORTS MAY'25 CRUDE STEEL PRODUCTION AT 2.3 MILLION TONNES

Source text: ID:nBSE8rwWP7

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, June 2 (Reuters) - India's key iron ore producer NMDC NMDC.NS is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters.

State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics.

The company plans to launch the new formula after initial trials, the source said, declining to be identified as the plan is not public yet.

"We are taking baby steps," the source added.

The new formula will not link prices to any international index or exchange, the source said.

With the launch of the new mechanism, NMDC will gradually move to a more frequent disclosure of iron ore prices, the source said, adding the intervals had not been finalised yet.

"Going forward, we will try to do it more frequently so that there is no lag in whatever is happening in the market and our prices," the source said.

The miner will also collect pricing information from different stockyards across cities, compared to the existing mechanism of gathering information from mines, the source said.

NMDC did not respond to a Reuters email seeking comments.

India's JSW Steel JSTL.NS, the country's biggest steelmaker by capacity, primarily sources its iron ore from NMDC.

NMDC reported a fall in fourth-quarter profit, hurt by lower product prices.

India is also in the process of overhauling the average sale price of iron ore to garner higher revenues for the government, as the mines ministry believes some miners try to depress prices artificially in order to pay lower royalties to the government.

(Reporting by Neha Arora. Editing by Nidhi Verma and Mark Potter)

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By Neha Arora

NEW DELHI, May 27 (Reuters) - India's steel ministry favours extending import curbs on low-ash metallurgical coke because there are sufficient domestic supplies, a source familiar with the matter said, dealing a blow to steelmakers who oppose restrictions on overseas purchases.

India, the world's second-largest crude steel producer, imposed quantitative restrictions in December on imports of low-ash met coke, setting country-specific quotas and capping purchases at 1.4 million metric tons for January to June.

"We are in favour of extension because domestic capacity should be utilised," said the source, who declined to be named as deliberations were not public.

India is producing adequate amounts of met coke to meet local demand, the source said, adding that the country's annual met coke capacity is around 7 million metric tons, but only about 3 million tons are currently being produced due to a lack of demand.

Reuters in February reported that India could extend restrictions on low-ash met coke imports to encourage local steel mills to source the steelmaking ingredient from domestic suppliers.

India's steel ministry did not respond to a Reuters email requesting comment.

The import curbs have worried major steel producers, including ArcelorMittal Nippon India and JSW Steel JSTL.NS, who argue the restrictions will hinder their capacity expansion plans because it is difficult to source preferred grades locally.

India's Ministry of Commerce is expected to decide by next month on extending the curbs. However, backing from the steel ministry is crucial, after it intervened last year to oppose the move, leading to an extended round of deliberations before the curbs were implemented.

Last month, Commerce Minister Piyush Goyal urged steelmakers to source met coke locally.

India has also initiated an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

ArcelorMittal Nippon India privately warned the government it may have to severely curtail steelmaking and delay expansion plans due to the import restrictions, Reuters reported in March.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Kate Mayberry)

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NEW DELHI, May 26 (Reuters) - India's top court on Monday ordered a status quo on the liquidation proceedings of Bhushan Power and Steel, weeks after it rejected JSW Steel's JSTL.NS resolution plan to acquire the firm.

(Reporting by Arpan Chaturvedi in New Delhi, Writing by Manvi Pant; Editing by Mrigank Dhaniwala)

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May 23 (Reuters) - JSW Steel Ltd JSTL.NS:

• INDIA'S JSW STEEL EXEC: EXPECT VOLUMES GROWTH BY 10% IN FY26, IN-LINE WITH STEEL DEMAND IN INDIA

• JSW STEEL EXEC: PRICES HAVE RISEN AFTER MARCH, BENEFITS ON REALIZATIONS WILL BE SEEN FROM Q1FY26

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, May 6 (Reuters) - India's state-run Steel Authority of India Ltd SAIL.NS plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said.

The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions.

The trial shipment will consist of 1 metric ton of coking coal from landlocked Mongolia.

As an alternative to flying in Mongolian coal, SAIL could also consider routing it via China, depending on logistics, the sources said, declining to be named as the matter is not public.

SAIL is preparing to import a larger shipment of 75,000 metric tons from Mongolia, depending on the results of the quality check for the initial sample, the sources said.

The Mongolian prime minister's office and SAIL did not respond to requests for comment.

India, the world's second-largest crude steel producer, meets about 85% of its coking coal requirements through imports. More than half of those shipments come from Australia.

To reduce reliance on Australia, India has been seeking alternative sources of high-grade coking coal. Mongolia, which holds substantial reserves, has been identified as a potential partner offering competitive prices.

However, its landlocked geography and limited infrastructure pose logistical challenges.

Sandeep Poundrik, the most senior civil servant in India's Ministry of Steel, said last month that transporting bulk cargo from Mongolia remains difficult.

Poundrik said India's coking coal imports are expected to accelerate due to the limited availability of the key steelmaking ingredient, amid a ramp-up in steel capacity.

"Indian steel mills are actively diversifying their coking coal sourcing beyond Australia, tapping into regions such as Mozambique, Russia, U.S., Canada, and Indonesia," commodities consultancy BigMint said.

Reuters reported last week that JSW Steel, India's largest steelmaker by capacity, has encountered difficulties in sourcing coking coal from Mongolia due to unresponsive suppliers and transportation bottlenecks.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ros Russell)

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Adds context

MUMBAI, May 5 (Reuters) - The Indian government has discussed with banks a court order that scrapped JSW Steel's JSTL.NS four-year-old buyout of Bhushan Power and Steel, and is finalising a response, a government official said on Monday.

The Supreme Court, on Friday, nullified JSW's takeover of Bhushan Steel, finalised four years ago under the country's insolvency law, and instead ordered the company's liquidation, affecting the deal's bankers, who had already been paid.

"I have already reviewed (the order) with all the lenders. We have taken a position, we have studied the judgement, we have got our advocates' view on the judgment," said M Nagaraju, the secretary of the Department of Financial Services (DFS) under India's Finance Ministry.

"Now we are taking a view in the government on how do we approach the judgment. We will finalise soon."

Bhushan Power owed over 470 billion rupees ($5.58 billion) to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code (IBC) in 2017.

JSW Steel emerged as the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021.

JSW Steel shares were trading down around 1% on Monday, after falling 5.5% on Friday.

"We will decide on our further course of action," JSW said in a statement to exchanges on Friday.

($1 = 84.1770 Indian rupees)

(Reporting by Siddhi Nayak in Mumbai; Editing by Savio D'Souza)

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May 2 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - UPDATES ON SUPREME COURT RULING ON RESOLUTION PLAN FOR BHUSHAN POWER

• JSW STEEL LTD - SUPREME COURT REJECTS JSW STEEL'S RESOLUTION PLAN

• JSW STEEL - ARE YET TO RECEIVE FORMAL COPY OF ORDER TO UNDERSTAND GROUNDS FOR REJECTION IN DETAIL

• JSW STEEL LTD - TO DECIDE FURTHER ACTION POST ORDER REVIEW

• JSW STEEL LTD - FORMAL ORDER COPY PENDING FOR JSW STEEL

• JSW STEEL: SUPREME COURT REJECTS JSW STEEL'S BHUSHAN POWER AND STEEL RESOLUTION PLAN

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, May 1 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has hit a roadblock in sourcing coking coal from Mongolia due to unresponsive suppliers and transport bottlenecks, three sources familiar with the matter said.

The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India SAIL.NS was looking to bring in 75,000 metric tons.

India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports, with Australia supplying more than half of those shipments. Steel demand has skyrocketed in the country driven by rapid economic growth and increasing infrastructure spending.

In a bid to diversify its supply chain for the key steelmaking ingredient, India has been exploring partnerships with resource-rich Mongolia, which industry officials have identified as a viable source of high-grade coking coal at relatively lower prices.

"There is no response from the Mongolian side, and we are finding it difficult," one of the sources said, declining to be identified due to the sensitive nature of discussions.

"On one hand, transport from Russia is clogged and on the other, it may not be feasible to get it from China on a sustainable basis," the source said.

Steel Secretary Sandeep Poundrik said over the weekend that there were logistical challenges in sourcing material from landlocked Mongolia.

The Mongolian prime minister's office and JSW Steel did not respond to emails from Reuters seeking comment.

Ties have soured between India and China since the 2020 clash between troops along their Himalayan border, which killed at least 20 Indian soldiers and four Chinese.

However, there have been some signs of thaw with the neighbours agreeing in January to work on resolving trade and economic differences.

Separately, JSW Steel, which imports about close to one-third of its coking coal needs from Russia, has no plans to increase imports from Moscow, the source said.

"We don't want to raise our exposure in one geography," they said.

The company also sources coking coal from Australia, the United States and Mozambique.

Chief executive Jayant Acharya told Reuters last week that JSW Steel was open to buying coking coal assets based on commercial and strategic viability.

India's coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said last week.

(Reporting by Neha Arora; Editing by Saad Sayeed)

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