Coal news and updates

Jaiprakash Group delays procurement of imported coal cargo

June 19: Jaiprakash Group is studying the market before concluding deals to procure one to three cape size cargo of imported steam coal, a source said.

The company had floated an enquiry in May to procure upto 0.45 mt coal of South African origin for one to three cape size vessels for laycan loading in June and July.

“The company wanted to test the market and as such it had floated the enquiry, but has not taken position as of today (June 19),” the source said.

Jaiprakash is believed to be covered for its coal requirement till monsoon and is not under any kind of pressure to procure the material. “If they find attractive offer, then only they will procure the material,” the source added.

The company was looking to procure off-spec material with specification ranging between 5500 Kcal/kg NAR and 6000 Kcal/kg NAR and was initially expecting to finalise the deal within May.