Volatility and a rise in global coking coal prices have burdened the steel industry but Coal India is planning for more coal e-auction by keeping its prices competitive.
A report by Business Standard says that global coking coal prices have crossed USD 190 a tonne recently, and Coal India has decided not to increase its prices and recapture market share where the import of coal has increased.
Coking coal - also known as metallurgical coal - is used to make coke by removing impurities to leave near pure carbon. It constitutes a third of steel sector's total costs.
“We are devising plans whereby we will channelise the coking coal variety towards the steel sector,” a senior Coal India official told Business Standard.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
