India Looks To Russia For Coking Coal, Nickel; SAIL And NMDC In Talks

India's push to secure critical mineral supplies has led the state-run Steel Authority of India (SAIL) and NMDC Ltd to explore coking coal assets in Russia, according to sources familiar with the discussions.

The move comes as India seeks to strengthen access to raw materials needed for steel production and the clean energy transition.

Sources told Reuters that an Indian delegation visited Russia last month and held preliminary discussions with government and industry representatives. The talks reportedly focused on potential acquisitions, raw material sourcing opportunities and broader cooperation in the mining sector.

Market participants also tracked the development closely. On Tuesday, SAIL shares rose 1.20% to close at ₹185.99, while NMDC shares gained 0.50% to settle at ₹90.04. However on Wednesday 10 June 2026, both stocks traded lower, with SAIL at ₹183.70, down at 1.23%, and NMDC at ₹89.45, down 0.66%, as of 10:52 AM.

Why Are SAIL And NMDC Looking At Russian Assets?

According to sources cited by Reuters, both SAIL and NMDC are evaluating opportunities in Russia for coking coal and other mineral resources. One source said SAIL has formed an internal committee to study the matter.

Coking coal remains a key input for steelmaking. India currently meets more than half of its coking coal requirement through supplies from Australia. The remaining demand is sourced from countries including Russia and the United States.

The latest discussions follow ongoing efforts by NMDC to identify overseas resource opportunities. Last year, the miner said it was evaluating coking coal assets in Australia and Indonesia.

Why Is India Looking To Increase Nickel Imports From Russia?

Alongside coking coal, discussions have also covered nickel supplies. Sources said preliminary talks on boosting nickel imports from Russia were held in New Delhi in April.

India currently imports nickel from countries such as China, Japan, Norway and the United States, while purchases from Russia remain limited.

Nickel is an important raw material for electric vehicle batteries and is also widely used in stainless steel manufacturing.

The government's target is for electric vehicles to account for 30% of passenger vehicle sales and 80% of two-wheeler sales by 2030. At present, the figures are about 6% and 9%, respectively.

What Does This Mean For India's Raw Material Strategy?

The discussions come as India steps up efforts to secure supplies of minerals that are important for both manufacturing and clean-energy industries.

Coking coal is one such area. In January, the government classified it as a critical and strategic mineral, citing the country's dependence on imports.

New Delhi is also looking at long-term availability of other raw materials, including lithium, cobalt and rare earth elements. Demand for these minerals has been rising alongside investments in steel, electric mobility and related industries.

As India expands steelmaking capacity and pushes for higher EV adoption, securing access to these resources has become an increasingly important part of its raw-material strategy.

Also Read - Stock Market Update 10 June 2026: Sensex, Nifty 50 Edge Ahead After Opening Lower

India, SAIL and NMDC did not respond to Reuters' queries regarding the discussions. Russian authorities had also not commented on the matter.

The talks are currently at a preliminary stage, but they form part of broader efforts to diversify supply sources and strengthen access to key industrial minerals.

Source:

CNBC TV18