India plans to engage in discussions with Argentina, Indonesia, and Oman next month to enhance the supply of raw materials for steel production, including coking coal and iron ore, as well as to gain access to technology, according to reports.

Reports indicate that discussions are anticipated to start next month during a global steel summit, which the Indian government has labeled the nation's largest international conference-cum-exhibition.

India is the largest crude steel producer globally, following China, and depends on ferronickel imports for its stainless steel production, while Indonesia possesses the largest nickel ore reserves in the world.

The nation additionally brings in significant amounts of iron ore from Oman and Brazil, with which it reached an agreement last month to enhance collaboration in mining and minerals, as it aims to satisfy increasing domestic steel demand.

Sources indicated that India seeks to secure imports of lithium and other essential minerals from Argentina for NMDC, the state miner of New Delhi.

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Argentina ranks as the fourth-largest lithium producer globally, an essential element in batteries for electric vehicles and energy storage from renewable sources.

In January, the Indian government announced its aim to ensure consistent availability of essential raw materials like coking coal, lithium, cobalt, and rare earth elements while increasing steel production and hastening its shift to cleaner energy.

In addition to satisfying increasing domestic demand spurred by robust economic growth and elevated infrastructure investment, India is also aiming to enhance steel exports.

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New Delhi is expanding its steel export markets from Europe to Asia and the Middle East to counter the effects of the European Union's carbon tax, boosting production and increasing demand for raw materials.

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With worries about obtaining raw materials from abroad, India's steel industry is facing a significant gas crisis - triggered by the conflict in the Middle East - which poses risks to production at smaller steel plants, and a division of the JSW Group has also cautioned about a possible shutdown.