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.
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