Coal news and updates

Buyjunction procures steam coal for steel maker

September 3: Buyjunction, a business unit of mjunction services limited, recently procured a small quantity of domestic B grade coal from traders through the reverse auction route for a steel maker, according to information available with ICMW.

"The reverse auction was conducted by buyjunction on August 29 in which as many as six traders participated and this helped the steel maker procure 3,000 tons of Grade B coal at plant delivered price of Rs 5,760 per ton," an official said.

B grade coal has gross calorific value of 5,800 Kcal/kg and above.

A total of six companies had participated in the e-auction and the winner was a Raigarh- based trader. The traders procure coal from Coal India Limited (CIL) via the e-auction route and then participated in the reverse auction for supply to consumers.