India: UltraTech Cement has imported a 157,000t shipment of coal from Russia for US$25.8m, which it paid in Chinese Yuan. ET NOW News has reported that this is the first instance of an Indian entity using the currency in international trade. The deal has a value of US$164/t, 50% below average South African coal prices and 20% below average Australian cement prices in India. The deal reportedly signals the possible end of Indian coal prince inflation in the medium – long term.
UltraTech Cement imports Russian coal using Chinese Yuan
URL: https://globalcement.com/news/item/14320-ultratech-cement-imports-russian-coal-using-chinese-yuan
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