India: ECL sells over 100,000 t of non-coking coal in 19 Nov auction; strong demand seen for G4

• G3 fetches highest price amid limited availability
• Ranisati Coal Carriers emerges as largest buyer

Eastern Coalfields Ltd (ECL) sold 109,950 t of non-coking coal in its auction held on 19 November 2025, with the results indicating renewed interest in mid-grade coal (G3-G5) and selective but firm bidding for G6. The auction drew broad participation from both opencast (OC) and underground (UG) mines, with G4 dominating supply and G3 achieving premium levels due to limited availability.

Grade-wise performance: G4 dominates, G3 fetches sharp premiums

G4 (5,800-6,100 GAR) recorded the highest allocation, with 94,300 t booked at an average of INR 5,054/t, supported by strong interest from sponge iron and industrial buyers. The grade drew competitive bidding due to the large share from high-demand UG mines such as Chora, Bansra, and Bahula.

G3 (6,100-6,400 GAR) 8,600 t emerged as the highest-priced grade, booked at INR 5,531/t, significantly above typical mid-CV levels. UG mines such as Khas Kajora, Parbelia, Porascole (E), and Nimcha drove these premiums.

G5 (5,500-5,800 GAR) 3,000 t cleared at INR 4,105/t, reflecting moderate but steady demand.

G6 (5,200-5,500 GAR) 4,050 t from Dabor OC traded at INR 3,780/t, aligning with expectations for lower-CV coal.

The distribution reflects a healthy appetite for medium- and high-CV coal, with limited G3 supply creating a clear price separation over G4.

Mine-wise allocations: Sonepur Bazari leads, UG mines command premiums

Supply came from a diverse mix of OC and UG collieries, enriching auction depth.

Key contributors

• Sonepur Bazari OC: 40,000 t of G4 at INR 4,764/t, forming the backbone of auction volumes.
• Khottadih OC: 13,050 t at INR 4,440/t, supporting mid-CV supply.
• New Kenda OC: 5,000 t at INR 5,042/t, reflecting slightly stronger bidding.
• Dabor OC: 4,050 t of G6 at INR 3,780/t, capturing competitive pricing in the lower CV range.

Premium UG performance

High-CV grades from UG mines fetched the strongest premiums:

• Khas Kajora UG: 4,000 t at INR 6,506/t
• Parbelia UG: 1,500 t at INR 7,157/t — highest bid of the auction
• Porascole (E) UG: 2,500 t at INR 5,566/t
• Nimcha UG: 2,000 t at INR 5,761/t

These UG parcels highlight sustained demand for higher-quality, lower-ash coal from industrial and sponge iron units.

Buyer-wise allocations: Ranisati leads, strong bidding from major regional players

Top buyers demonstrated a mix of quantity buying and strategic grade selection:

• Ranisati Coal Carriers: 13,500 t at INR 4,949/t — largest buyer
• Maharaja: 9,200 t at INR 4,777/t
• Mark Trading Company: 6,400 t at INR 5,149/t
• SS Enterprises: 5,700 t at INR 5,020/t
• Khemka Minerals: 5,250 t at INR 5,044/t

Large buyers focused heavily on G4 and select G3 UG parcels.

Market scenario

The results of the auction suggest the following:

• G4 witnessed a strong resurgence in demand, supported by broad supply from both OC and UG collieries.
• G3 commanded premiums, driven by limited high-CV availability.
• Stable buying interest for G5-G6 reflects cost-conscious procurement from small and mid-sized industrial users.
• Heavy UG mine participation pushed up bid dispersion, capturing demand from quality-sensitive segments.

Overall, bidding remained balanced to firm, with price discovery aligning closely with grade quality, mine variability, and short-term regional demand patterns.