Coal India to auction $300-m worth coking coal

Monday, April 25,

Coal India Ltd will auction 1.5 million tonnes (mt) of coking coal, the public sector company’s Chairman and Managing Director, Mr N.C. Jha said.*

This quantity of coking coal required for steel making has piled up at pitheads of its various mines with steel companies not lifting the fuel, Mr Jha said. He said that he had spoken and written to steel manufacturers including SAIL, but to no avail. Mr Jha said the coking coal was of “superior quality” and was less expensive than imported coking coal.

Industry sources say that the value of ‘steel grade-1′ quality is about $200 a tonne, which makes the inventory that is to be put on auction worth $300 million.

Source: The Hindu