Eastern Coalfields Ltd, the subsidiary of CIL carrying out coal mining in Jharkhand and West Bengal states of India, has witnessed strong coal sales in the spot e-auction wherein 99% of the total volume was booked during Dec’19.
The company had engaged Coal Junction to conduct auction on its behalf, wherein 254,810 MT coal was floated for sale during 30-31 Dec’19. Out of the total quantity, the company had managed to sell off 253,674 MT coal in the auction.
The auction held on 31 Dec’19 had envisaged sale of 35 coal rakes (each rake carrying 3894 MT coal) via rail mode of auction, while the remaining quantity were floated via road mode of sale over the two days.
Incidentally, entire quantity offered in rail mode was sold in the process, while, in case of road-mode, only 5 out of the proposed 25 lots had seen unsold quantity left over at the end of the auction. Detailed result of the auction can be seen here.
| Grade | Mid GCV | Quantity | Price | ||
| Offered | Sold | Reserve | Average Bid | ||
| G3 | 6550 | 67,800 | 67,770 | 4268 | 5582.29 |
| G4 | 6250 | 150,540 | 149,719 | 4088 | 4627.89 |
| G5 | 5950 | 6,470 | 6,420 | 3759 | 6013.77 |
| G6 | 5650 | 13,000 | 12,765 | 3493 | 3892.81 |
| WG-III | – | 2,000 | 2,000 | 2725 | 5586.00 |
| G10 | 4450 | 15,000 | 15,000 | 2435 | 2913.08 |
| Total | 254,810 | 253,674 | 3989.18 | 4787.1 | |
Source: CoalMint Research
Quantity in MT
Price in INR/MT
GCV in kCal/kg
ECL had received an average bid price of INR 4787.1/MT in the auction which comprised sale of 5 non-coking grades and one coking grade of coal. Apparently, the bid price was noted 20% higher than the average reserve price of INR 3989.18/MT assessed in the auction.
Coal offered from Bonjemehari mine had acquired highest bid price of INR 6919/MT, for sale of G5 grade of coal. In Particular, bids fetched for G5 grade were comparatively higher in comparison to the remaining batch of non-coking coal.
The lowest calorific value coal falling under G10 grade had seen sale of entire 15,000 MT which was offered from a single lot, but had fetched bids only in excess of INR 480/MT over the reserved price.
Bids for coking coal offered from Hariajam mine had notched remarkable rise over the reserve price, which were marked at 5586/MT as against the floor price of 2725/MT.
ECL’s coal dispatch was recorded at 34.49 MnT in Apr-Dec’19, down 0.7% Y-o-Y from 34.73 MnT noted in the year-ago period.
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