Coal news and updates

Coal India’s e-auction of coal sales was up by around 32 per cent to 32.7 million tonne during the first quarter of FY 2017-18. “The PSU coal mining behemoth has booked 32.7 million tonne of coal through different e-auction schemes during April-June 2017 against 24.8 million tonne in the same quarter in the previous fiscal, an increase of 7.9 million tonne,” a CIL official told PTI. In 2016-17, CIL had booked 113.8 million tonne of coal through e-auction mode. The coal major was pushing coal in the e-auction mode to improve margin though there had been a gradual decline in the price. The CIL has proposed that a total of 105 million tonne coal be e-auctioned from July 2017 to March 2018. Currently, CIL offered coal under different e-auction schemes like spot e-auction, special forward e-auction for power producers, exclusive e-auction for non-power and special spot e-auction. Coal production in the (Q1) April-June quarter was 118.84 million tonne, registering a de-growth of 5.4 per cent compared to the same period last year.

 

Source: Financial Express