Indian state-owned enterprises Steel Authority of India (SAIL) and National Mineral Development Corporation (NMDC) are interested in acquiring Russian assets, reports Reuters, citing well-informed sources. According to them, in May, India sent a delegation to Russia to discuss this issue with representatives of the government and the coal industry. At the same time, a specially appointed internal committee is examining the possibility of purchasing Russian assets at SAIL.
Earlier this year, the Indian government identified coking coal as a key and strategic raw material due to its dependence on import supplies. Currently, more than half of the country's fossil fuel needs are met by Australia, with the remainder imported from countries such as Russia and the United States. In May, India's deputy minister in charge of steel, Sandeep Poundrik, stated that the country plans to increase supplies of coking coal from Russia by two or three times“if the quality and price are right.”
The deepest crisis since the 1990s
India is the second importer of Russian coal after China. In the first quarter of 2026, the country increased its purchases of this raw material by 7%, to 18.2 million tonnes. Despite this, Russian The coal industry continues to plunge into its worst crisis since the 1990s.
The number of loss-making coal companies in the country is “growing rapidly” – in March this year there were 62 companies in the “red zone”, of which 20 have already suspended production and 14 have decided to liquidate or maintain them – said Russian Deputy Energy Minister Dmitry Islamov.
In 2024, coal companies recorded a cumulative loss of 112.6 billion rubles (approx. PLN 6 billion), in 2025 this indicator increased to a record level in the history of the industry – 408 billion rubles (PLN 21 billion), and in the first three months of 2026 it amounted to 88 billion (over PLN 4 billion). The total accumulated amount reached PLN 608.6 billion (PLN 31 billion).
This year the situation of coal producers will deteriorate: the government forecasts that the industry's cumulative loss will increase by another 41%. year on year, to 576 billion rubles (PLN 29 billion). In this way, the coal industry will lose over 1 trillion rubles (PLN 51 billion) within three years.
Due to sanctions, coal producers lost export markets, high interest rates triggered a debt crisis, and the strong ruble hit revenues that were already suffering from late payments, says economist Yevgeny Kharlampenkov. Additionally, China, which has become a key buyer of Russian coal, restrict imports for the third year in a row: in January-February 2026, deliveries to the PRC decreased by another 15%, to 10.8 million tonnes.
Coal companies are in a “systemic crisis”, and the Ministry of Energy's forecasts signal a “prolonged recession in the sector”, notes Finama analyst Yaroslav Kabakov.
