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India, Canada in raw materials trade deal

Keywords: Tags  coking coal, iron ore, steel, raw materials, trade agreement, Joseph Oliver, Beni Prasad Verma, Rashtriya Ispat Nigam RINL

MUMBAI, India — Indian and Canadian officials have taken steps toward cooperating in the iron and steel sector, potentially including coking coal.

A letter of intent was signed in New Delhi Jan. 13 by Joseph Oliver, Canada’s minister of natural resources, and Beni Prasad Verma, India’s steel minister, for the two countries to develop and cooperate in areas of mutual interest—including iron ore, coking coal and other steelmaking raw materials—and also encourage bilateral investment opportunities in the iron and steel business, the Indian steel ministry said.

Verma identified coking coal as one area in which Canada’s natural resources could benefit India.

India is the world’s third-biggest importer of the steelmaking raw material, and its steelmakers have been trying to secure supply deals around the world, including with mining companies in Australia, the United States and Canada.

In July, Verma visited Canada on a trade mission with the goal of generating raw material supply agreements with Canadian companies. As a result, the government of British Columbia agreed to cooperate with India’s Rashtriya Ispat Nigam Ltd. (RINL) to help source coking coal in the province.

Oliver was in India with a high-level delegation that included Stewart Beck, high commissioner of Canada; Rosaline Kwan, deputy commercial program manager; and Jay Khosla, assistant deputy minister of the energy sector.

A version of this article was first published by AMM sister publication Steel First.

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