The government announced that Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India, has successfully sold 2.40 million tonnes (MT) of coking coal through an auction for the steel industry. This is out of the 3.36 MT offered for long-term supply. Coking coal is essential for making steel using blast furnaces.
The recent auction (Tranche VII) set a new record for BCCL, with 2.40 MT of coking coal being booked. The company’s CMD, Samiran Dutta, highlighted that efforts to make the auction process more open and inclusive have greatly benefited steel producers.
India relies heavily on imported coking coal, which strains the country’s foreign reserves. To reduce this, BCCL made the auction process more flexible and transparent, encouraging local steel producers to participate.
BCCL introduced consortium bidding, which allowed smaller companies to team up and bid together, expanding the number of participants. BCCL also proposed changes to the rules for auction eligibility, making it easier for more companies to join. This proposal is now being considered by Coal India, which produces over 80% of India’s domestic coal supply.
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