Coal news and updates

CIL’s offering on coaljunction platform jumps 56% in March

April 7: Taking a cue from sharp increase in offering of coal through forward e-auction, the total offering of coal by CIL subsidiaries during the month of March 2015 jumped by 56.25% to 5.80 million tons (mt) from a low of 3.71 mt in February.

Of the total offering in March, 2.64 mt was through spot e-auction and 3.16 mt through forward e-auction while the allotted quantity stood at 2.25 mt and 2.50 mt through respective modes.

CIL’s subsidiaries had offered a total of 3.71 mt of various grades for sale through coaljunction in February, up from 3.00 mt offered in January 2015 and 3.93 mt in December, 2014.

The allotted quantity in February was 3.42 mt, while in January it stood at 2.471 mt and 3.14 mt in December.

As per the government directive, CIL was to reduce the sale of coal through the e-auction platform to 25 mt annually as compared to around 58 mt sold in 2013-14.

The decision was taken in view of extremely low stock with power plants, but with the sharp improvement in supplies to power plants, the company had gradually started increasing its sale through e-auction route from November 2014.

Following table provides detail of offered and allotted quantities under spot e-auction of CIL subsidiaries on coaljunction platform in various months of 2014-15 and 2013-14: