Coal India has more coal for e-auction than demand

October 1st, 2008 - 2:21 pm ICT by IANS  

Kolkata, Oct 1 (IANS) The largest coal mining company of the country, Coal India Ltd (CIL), has more coal to offer through e-auctions than the actual demand, according to a company official. “The total coal allocated at e-auctions during the first five months (April to August) of the current fiscal is 20.10 million tonnes, against an offered quantity of 50.29 million tonnes,” the source told IANS requesting anonymity.

This indicates that the coal major has more stocks to offer than the actual demand, which, however, is rising, the official said.

The situation was just the opposite last fiscal, when 13.05 million tonnes were allotted for e-marketing, against an allocated of 10 million tonnes.

The demand rose after CIL reduced the floor price of coal sold through e-auction from 30 percent over and above the notified price to five percent.

CIL introduced e-auctions to make coal available to non-core sectors and traders.

The coal for e-auctions is sourced from the subsidiaries of CIL - Eastern Coalfields, Bharat Coking Coal, Central Coalfields, Northern Coalfields, Western Coalfields, South Eastern Coalfields, Mahanadi Coalfields and North Eastern Coalfields.

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