Tata Steel expects to pay around 17% more than a year ago to import coking coal in the October-December quarter for its steel-making operations, a senior company executive said Wednesday.
“The company is negotiating with international mining companies, including Wesfarmers Ltd. for purchase of coking coal.
We expect the price to be around $235 per ton,” Tata Steel's procurement chief Ranjan Sinha told Dow Jones Newswires on the sidelines of an industry conference.
Last year, Tata Steel paid around $200 per ton to buy coking coal for the October-December quarter.
Sinha said the company plans to import around a million tons of coal in the next quarter, while it will source a similar quantity from its own mines.
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