The Indian major steel mills such as Tata Steel and JSW Steel predicted that the coking coal contract prices may fall to US$160/ton in the first quarter of this year, decreasing by 32% year on year.
Meanwhile, it's expected that the Indian steel mills may receive better profits in the first quarter, driven by decreased coking coal prices and increased steel prices.
Also, it's known that the Indian government announced to invest US$1 billion in construction of infrastructure in the following 5 years, which is expected to boost the country's steel demands.