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Saturday, 06 February 10
COAL MINISTRY SEEKS CUT IN IMPORT DUTY
 The coal ministry wants the finance ministry to reduce the 5.1% import duty on thermal coal and continue with the existing zero import duty on coking coal to enable larger import by power and steel sectors.
According to a coal ministry official, while the steel sector’s demand for coking coal is expected to go up by another 18-20% in 2010-11, Coal India Ltd (CIL), which currently meets 82% of the power sector’s thermal coal demand, will not be able to keep pace with the power sector’s incremental need because of hurdles in developing new mining projects. So the ministry wants to encourage the power sector to go for larger imports, the official said.
The ministry has asked CIL to give its opinion on the issue after which it will put forward its proposal to the finance ministry but CIL has not given any comments so far, the official said.
According to sources, the Australian government has requested the coal ministry to lobby for reducing the import duty on thermal coal and persist with the zero import duty on coking coal, since it (the Australian government) foresees an opportunity to supply more coal to India from Australia.
| “Australia has its share only in India’s coking coal space, Indonesia commands the thermal coal space” |
An Australian trade commission delegation, which recently came to India, presented a paper to the coal ministry saying reducing the import duty of thermal coal and keeping the zero import duty on coking coal intact would not only strengthen bilateral ties but would also enhance the availability of affordable inputs for two Indian infrastructure industry-power and steel.
The trade commission pointed out that coking coal import, which was 12 million tonne in 2006-07 from Australia, would touch 18-20 mt in 2010-2011 and 25 mt by 2012, taking into account India’s steel capacity addition.
While Australia has its share only in India’s coking coal space, Indonesia commands the thermal coal space. Australia wants to make an entry into the thermal coal space, since imports of thermal coal are likely to go up, the ministry official said. The ministry estimated that import of coking and thermal coal together would be around 62.75mt by the end of 2009-2010, of which thermal coal would be around 40 mt. In 2008-09, India’s total thermal coal imports were 37.92 mt and coking coal 21.08 mt. However, CIL, the country’s largest producer of coal, had no plans to import any coal in 2009-10 but the Planning Commission has asked it to import 4mt of thermal coal in 2010- 2011 for NTPC.
CIL is yet to take a decision on the planning commission’s order. CIL chairman Partha S Bhattacharyya said CIL required an undertaking from NTPC that it would lift the entire 4 mt, which CIL will import. Both the parties are yet to arrive at a consensus on the issue.
Source: Financial Express
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Tuesday, 23 February 10
TRENDS..... DRY BULK MARKET .... TRENDS
The dry bulk market was pulled along by the Capes this week, as fresh enquiry breathed temporary life back into the market. Short period rates also ...
Tuesday, 23 February 10
UAE COMPANY TO ACQUIRE CONTROL OF ALLBOND MAKMUR
The Jakarta globe reported that, Renuka Energy Resources Holding, based in the United Arab Emirates, has signed an agreement to acquire 80 percent o ...
Tuesday, 23 February 10
CIL SHORTLISTS 24 FOREIGN COS FOR JV
India's Economic Times reported that, Coal India has shortlisted 24 foreign firms — six each from the US, Australia, South Africa and Indones ...
Saturday, 20 February 10
THE FREIGHT MARKET CONTINUED TO BE SOFT THIS WEEK - CAPT. REDDY
COALspot.com: The freight market continued to be soft this week as still affect of Chinese new year holidays continue. However the index overall had ...
Friday, 19 February 10
MAKING THE JOINT COOPERATION OF PRIVATE GOVERNMENT IN INDONESIA
COALspot.com - Press Release
1. Revision of the presidential decree 67/2005 has been signed by the President on January 28, 2010 with the public ...
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- Sojitz Corporation - Japan
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- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
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- Edison Trading Spa - Italy
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- Grasim Industreis Ltd - India
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- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Singapore Mercantile Exchange
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- Maharashtra Electricity Regulatory Commission - India
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- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
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- Power Finance Corporation Ltd., India
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- IEA Clean Coal Centre - UK
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- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
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