The steel company will avoid
using dollar to settle the deal with Russian coal companies and use other
currencies such as euro or dirham to avoid conflict arising from the economic
sanctions imposed by the US, said sources.
Sajjan
Jindal-led JSW Steel is planning to source coking coal from
Russia at a competitive price as shipments from
Australia are rising steadily.
The steel company will avoid using dollar to settle the deal with
Russian coal companies and use other currencies such as euro or dirham to avoid
conflict arising from the economic sanctions imposed by the US, said sources.
Coking coal prices in Australia has been increasing steadily
despite the global recession particularly after China lifted the unofficial ban
on sourcing from Australia imposed in 2020.
However, China started buying coking coal from Australia with
the first shipment of 1.4 million tonne of coal loaded in 14 ships in January,
he said.
Plans for new plant
JSW Steel has drawn plans to invest ₹2,000
crore to develop a virgin coking coal mine in Jharkhand. The company
was declared the highest bidder for the coking coal mine put on auction
recently and is waiting for an official communication from the government.