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Monday, 28 February 11
COAL INDIA HIKES PRICES BY 12% FOR SELECT CONSUMERS - ECONOMIC TIMES
 Economic Times reported that, Coal India has raised prices by an average 12% for some of its consumers from Sunday, boosting its revenue by 6,000 crore (US$ 1,325,087,194) a year and helping the state-run firm meet rising costs at a time when output is stagnant in the face of inefficiency and environmental laws.
It has spared buyers in the power , fertiliser and defence sectors , which account for 80% of its sales, and raised prices for other buyers.
Price of premium grades of coal, A and B, has been linked to the international price and will now be offered at a 15% discount on the global spot prices. The benchmark price will be decided through a complex formula involving calorific value of the coal, as well as on the basis of Indonesian coal spot prices. Rest of the grade, C to F, will now be 30% dearer than the earlier notified price.
"The rise was inevitable since we have been severely affected by pollution norm introduced by the ministry of forest and environment. It is also expected to cover inflation, and rising wage and dearness allowance," chairman, Partha S Bhattacharyya said.
Earlier, CIL had said it would raise prices in July but the increase was necessary as growth in output has slowed down to 1-2% from 6% last year.
Coal India produces only about 20 million tones of grade A and B coal. Prior to the hike they were being offered at between 1,710 (US$ 37.76) and 2,370 (US$ 52.34) per tonne. If last week's international bench mark prices are taken, these two grades will now cost between 3,690 (US$ 81.50) per tonne and 4,100 (US$ 90.55) per tonne.
Grades C to F were available at prices ranging between 1,860 (US$ 41.08) and 480 (US$ 10.60) per tonne depending on the grades and the mines. These will now cost between 2,418 (US$ 53.40) per tonne and 624 (US$ 13.78) per tonne.
" Power, fertiliser and defense has been left out of the hike to reduce its effect of inflation. These three sectors consume around 80% of CIL's coal. The rest goes to non regulated sector, where the end price is not regulated by any sector," a CIL official said.
" Coal prices for grades A & B will now be reviewed after a year. However, we need to take periodic review of the prices of the rest of the categories," he added. (1 INR = 0.0220872 USD - www.xe.com)
Source: Economic Times
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Sunday, 17 April 11
THE FREIGHT MARKET APPEARS WILL CONTINUE TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - "The freight market continued to soften further with all segments down except for the handy size which was marginally up by 10 p ...
Sunday, 17 April 11
ADARO TO PROPOSE US$75 MILLION DIVIDEND
COALspot.com - One of Indonesia's largest coal miner PT Adaro Energy Tbk (ADRO) is keen to propose a final dividend of US$75 million or Rp 20.17 (U ...
Saturday, 16 April 11
TNPL RECEIVES 1.6MT OF COAL OFFERS - SOURCES
COALspot.com - Tamil Nadu Newsprint and Papers Ltd. has closed its 160,000 MT coal inquiry today.
More than a half a dozen of Indian coal t ...
Friday, 15 April 11
DRY BULK MARKET KEEPS ON FALLING, ON LOW DEMAND AND HIGH SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its falling patern this week, with the industry’s benchmark, the Baltic Dry Index (BDI) retreating again yesterda ...
Thursday, 14 April 11
SUPRAS IN N.CHINA GET CLOSE TO $12000 FOR TRIPS VIA INDONESIA TO INDIA - FEARNBULK
Handy
The Atlantic market remains flat - very little new/fresh business and slow activity. Considerable prompt tonnage remains unfixed. The USG pa ...
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- Romanian Commodities Exchange
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- Intertek Mineral Services - Indonesia
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- Wilmar Investment Holdings
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- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
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- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
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- Parliament of New Zealand
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- Heidelberg Cement - Germany
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- Directorate General of MIneral and Coal - Indonesia
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- Ministry of Finance - Indonesia
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- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
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- Georgia Ports Authority, United States
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- Independent Power Producers Association of India
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