Coal India to woo steel sector
With volatile global coking coal prices straining the balance sheets of steel companies in the country, Coal India is planning to put up more coal for e-auctions. Coking coal constitutes a third of steel sector’s total costs. The festival season, Coal India will put up 20 million tonnes (mt) coal for e-auction, where both the regulated and the non-regulated sectors, including traders, will be able to participate. We are devising plans whereby we will channelise the coking coal variety towards the steel sector,” a senior Coal India official told. Last month, Coal India had met buyers from different sectors, except power, and discussed ways to channelise the right kind of coal for particular segments during e-auctions. An official in Coal India said companies like Tata Steel and SAIL were keen to buy domestic coking coal in wake of rising international prices. Following the meeting, Coal India made a one-time offer of 20-mt coal under Special Spot e-auction system.
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