Coal news and updates

Shree Cement looking to sign imported pet coke deal in January

December 30: Shree Cement Ltd, India's leading cement maker, is looking to negotiate with refiners or traders for procuring imported petroleum coke (fuel grade) in January, a source said.

"At present, the entire world appears to be in the mood for Christmas and New Year. We are thus looking to start discussions with suppliers once the market re-opens after January 10, 2014," the source added.

The source, however, did not specify the quantity of imported material they are looking to sign.

"We are also looking to enter into contracts with domestic refineries once they fix up their January 2014 despatch prices and as such the volume of imported material will depend on pricing with domestic refineries," the source added.

The company had entered into deals with Reliance Industries Ltd to procure about 420,000 tons of pet coke at a fixed price for the period September-December 2013 at a substantial discount over the declared price of Rs 6,300 per ton.

It had also procured around 300,000 tons of the material from Essar Oil at a discount to the market price or at the price declared for April-October, 2013.