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Coal news and updates

Indian traders in fix as consumers seek discounts

16 Sep 2013

September 16: The majority of Indian coal traders, who had suffered adversely in recent months due to the sharp decline in the Indian rupee against the US dollar, are facing another kind of problem amidst indication of stability in the currency, industry sources said.

“When the rupee was depreciating against the dollar, consumers were not willing to pay the increased price in rupee, saying that you (traders) have imported the material earlier when the rupee was at a much higher level compared to the US dollar,” the sources said.

“Now they are asking for discounts and are not willing to pay the price at which the material was imported on the plea that international coal prices are down and the rupee has appreciated a lot against the dollar,” the sources added.