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Mar 09, 2010, 02.20 PM IST
JFE Steel signed coking coal contracts at USD 200/t, a 55% increase from USD 129/t last year. The price was fixed for the Apr-June 2010 quarter. The move will benefit the Indian coke manufactuing companies like Gujarat NRE Coke and Austral coke.
Coke is a derivative of coking coal. Coke is one of the major inputs in steel making. This move will hurt domestic steel manufacturing companies like Tata Steel and JSW Steel.
Gujarat NRE Coke is the largest independent producer of met coke in India and only Indian company with coking coal mines in Australia having more than 500 million tons of metallurgical coal with excellent coking properties. Gujarat NRE Coke was up 9% in last 5 days.
Austral Coke is engaged in the manufacture and sale of low ash metallurgical coke and refractory in India. Austral Coke gained nearly 43% in last three trading sessions.
The Securities and Exchange Board of India unearthed a Rs 1,000 crore scam in Austral Coke last year. The Income Tax Department found bogus transactions worth Rs 1,000 crore. The stock is down 83.29% from its 52-week high of Rs 57.40.
Action in Gujarat NRE Coke
May 24 2013, 16:42
- in Rupee
May 23 2013, 09:33
- in Technicals