- G12 premiums cross 125% at major mines, rise sharply from previous auction
- G14 bidding remains source-specific, premium for Garjanbahal strengthens
Mahanadi Coalfields Ltd. (MCL) witnessed strong bidding in its e-auction held on 10 September 2026, particularly for G12 coal from major mines. Bharatpur, Ananta, Bhubaneswari, and Lingaraj recorded winning prices well above notified levels, with premiums ranging from around 130% to 166%. G14 bidding was more mixed, although Garjanbahal and Kanika attracted sizeable premiums.
The auction offered 1.955 million tonnes (mnt) across G7-G14 grades, with the largest offering in G13 at 925,000 t and G14 at 415,000 t. The supplied allocation data shows a total allocated quantity of 1.897 mnt.
G12 sees sharp premium escalation
G12 emerged as the strongest segment of the auction. Bhubaneswari, Lingaraj and Ananta recorded premiums of around 162%, 166% and 130%, respectively, while Bharatpur attracted a premium of around 143%.
Compared with the previous auction, premiums strengthened sharply at several comparable G12 sources. Bhubaneswari increased from 74.9% to around 162%, while Ananta rose from 83.4% to around 130%. Bhubaneswari Silo also strengthened from 83.7% to around 174%.
The strong premiums indicate firm competition for selected G12 sources despite relatively large offered quantities.
G14 bidding remains source-specific
G14 showed a wider range of outcomes. Garjanbahal recorded a premium of around 71%, rising sharply from 46.2% in the previous auction. Kanika also attracted around 64%, while Hingula recorded around 29% after clearing at notified price previously.
However, Samleswari, HBM and Lajkura RLS cleared at notified prices, showing that bidding strength remained highly dependent on the mine and source.
G11 premium eases at Siarmal
Siarmal G11 recorded a winning price of INR 1,848/t, equivalent to a premium of around 56% over the notified price of INR 1,184/t. This was lower than the 62.8% premium recorded in the previous auction, despite the much larger 350,000 t offering.
The result suggests that bidding remained firm for G11, but competition was somewhat lower than in the previous auction.
Comparison with 29 August auction
The 10 September auction showed a clear strengthening in bidding for several comparable mine-grade combinations. G12 saw the sharpest increase, particularly at Bhubaneswari and Ananta, while Garjanbahal G14 also attracted a significantly higher premium. In contrast, Siarmal G11 and some G12 sources recorded softer premiums, showing that bidding remained source-specific.
Buyer participation remains broad
Feegrade and Company was the largest buyer, securing 132,000 t, comprising 50,000 t G14, 50,000 t G11, 20,000 t G13 and 12,000 t G12. Rungta Mines followed with 115,300 t, including 85,300 t G12 and 30,000 t G14, while Vedanta Aluminium secured 114,000 t, comprising 60,000 t G11, 40,000 t G13, 10,000 t G14 and 4,000 t G12. GMR Kamalanga Energy purchased 83,000 t of G12, while Rungta Sons secured 80,000 t, comprising 45,000 t G13 and 35,000 t G14.
Overall, the auction points to strong demand for selected higher-grade coal, with G12 continuing to command the highest premiums. However, the wide variation between sources suggests that bidding remains dependent on mine quality, grade preference and buyer requirements rather than being uniformly strong across MCL’s entire offering.
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