Coal news and updates

No response to SECL’s forward e-auction in Feb

Demand for coal under forward e-auction appears to be tapering down as not even a single bid was received in such auctions conducted by South Eastern Coalfields Ltd (SECL) on coaljunction in February 2016.

According to information available with ICMW, a total for 1,082,532 tons of coal was offered by the company for sale through forward e-auction, but not a single bid was received.

According to market sources, there could be several reasons for this.

First, special forward auction was already conducted for power and non-power companies and henceforth there was lack of interest among bidders.

Secondly, it is also apprehended that lots offered might not be of good quality. Lastly, there might have been seasonal reason behind it.