Coal news and updates

SAIL settles coking coal LT price from Australia for Q3 at US$148: Report

Business Standard reported that Steel Authority of India has agreed to pay its Australian coking coal suppliers USD 148 for a tonne for October to December quarter a USD 6 per tonne higher than the contracted price for the previous quarter.

A source said that “An Empowered Joint Committee which sets prices on quarterly basis for the PSU steel maker, fixed the rate in a recent meeting, the agreed price was in line with the agreement reached by Japanese steel makers with Australian suppliers.”

The source said that "The price for the imported coal supplies for the October to December quarter was settled at a recent meeting. Quarterly prices for the Australian supplies has been finalised at USD 148 per tonne which is around USD 6 per tonne more than the previous quarter."

The source said that coking coal prices in the international market have seen a rising trend in recent times on the back of increased demand from China and apprehension of supply disruptions during the ensuing monsoon season in Australia.

The EJC, comprising officials from the Steel Ministry and the company, negotiates the rates taking the prices settled by the Japanese steel mills and others as the benchmark. The annual requirement for SAIL is tied up at the beginning of the year and the same is confirmed and received every quarter.

Source – Business Standard