The world's largest coking coal producer, BHP, is "cautiously optimistic" about India's economic potential, with the country on the brink of becoming the top importer of the steelmaking raw material.
India's coal imports are expected to hit 69 million tonnes by 2020, when it will overtake China as the top importer of coking coal, according to the Australian government's latest Energy and Resources Quarterly report. Growing demand for the steelmaking raw material in India is expected to stem from its rising steel production capacity driven by infrastructure growth. "The country's steel demand is expected to be driven by an approximate 8% per annum compound growth rate for steel use in Indian infrastructure [projects] out to 2025," BHP vice-president, market analysis...