Coal India reverts to pre-Covid coal auction structure

Coal India has reverted to a pre-Covid coal auction structure from November, allowing its subsidiaries to determine the pricing as sales pick up.

With the onset of the pandemic, the public sector miner had brought down the reserve price of the fuel sold through auctions close to zero during the first half of the ongoing fiscal. This was done to keep sales buoyant during the pandemic amid cash flow concerns among coal consumers.

Subsequently in October, the miner set an upper limit of 10 per cent over the notified price for coal sold through e-auctions.