India aims to increase imports of raw materials for its steel industry

India will hold talks with Argentina, Indonesia, and Oman in an effort to increase supplies of raw materials for steel production, such as coking coal and iron ore. Reuters reported this, citing sources.

The talks are expected to begin next month at Bharat Steel 2026, an international industry conference and exhibition to be held in the country.

India, the world’s second-largest steel producer, relies on ferronickel imports for stainless steel production, while Indonesia holds the world’s largest nickel ore reserves. The country also imports large quantities of iron ore from Oman and Brazil, with which an agreement was signed in February to expand cooperation in the mining and minerals sector. Argentina could supply India with lithium and other critical minerals for the state-owned mining company NMDC.

Earlier this year, the Indian government stated that it aims to secure stable supplies of key raw materials, such as coking coal, lithium, cobalt, and rare earth elements, as it expands steel production and accelerates the transition to cleaner energy.

In addition to meeting growing domestic demand, the country also aims to increase exports of metal products while diversifying its export markets from Europe to Asia and the Middle East to offset the impact of the CBAM.

In addition to concerns about securing raw material supplies from abroad, India’s steel sector is grappling with a severe gas crisis caused by the escalation of the conflict in the Middle East, which is affecting both small steel mills and large producers. For instance, JSW Group’s subsidiary, JSW Steel Coated Products, previously warned of a possible shutdown.

It is worth noting that iron ore imports to India are expected to rise to a seven-year high in the 2025/2026 fiscal year (ending March 31) due to a domestic shortage of high-quality raw materials and demand from JSW Steel. According to analysts and industry executives, total volumes for the period are likely to reach 12–14 million tons, more than double the figure for the previous fiscal year.