Kolkata: Coal India (CIL) has recorded a threefold jump in e-auction in October 2020. The quantity of coal under e-auctions nearly tripled to 16.8 million tonnes (MT) in October, 2020, compared to 5.8 MT in October last year, on the back of a big push from power sector and other coal buyers. The steep growth of 190% or an increase of 11 MT, during the month, bodes well for CIL as it signals a strong demand resumption for coal after a Covid led hiatus.
According to a CIL official, volume booking in e-auctions for the first seven months of the ongoing fiscal ending October at 59 MT, increased by 28 MT translating into a growth of 90%. For a comparable period last year, CIL booked 31 MT. October’20 auction sales, in addition to the four prevailing windows, included a new auction outlet called special spot for coal importers, under which 1.6 MT of coal was booked.
CIL in a first, has introduced this category meant exclusively for coal importers to contain imports from abroad. “This opened an additional avenue for our coal companies to step up their sales,” said a senior executive of the company. Coal that went through auction during October’20 fetched CIL 13% increase over the notified price. Special spot for coal importers chipped in 14% increase over the notified value.
