Agencies () has allowed domestic coal consumers including traders to export coal procured under two categories of e-auction schemes.
The company has tweaked its e-auction coal sale policy this week after its Board gave the nod.
The country’s largest coal producer and supplier has lifted the embargo on exporting coal procured through spot e-auction and special spot e-auction outlets. This is a first of its kind development since the introduction of spot e-auction in 2007, a company official said.
The existing clause ‘coal procured under e-auction is for use within the country and not for export’ has now been amended, opening the door for export of the dry fuel in two auction categories.
Allocation under spot e-auction and special spot e-auction together accounted for 46 Million Tonnes (MTs) of coal in FY’21 which was 37% of the total allocated quantity of 124 MTs during the year under.
Spot e-auction at 42.5 MTs was the highest allocated quantity under all the five auction windows, in FY’21, fetching record 25% add on over the notified price. The special spot e-auction netted a premium of 13% over the notified price.
“Though Coal India would not be directly exporting coal, allowing those who procure coal under the two auction windows to export may prove to be catalytic to our sales. If there is favourable response outside the country, then we may witness more active participation as spot e-auctions book high volumes”, said a senior official of the company.
In case of export the requirement of complying with the government rules all statutory guidelines, regulations and legal obligations shall lie solely with the coal buyer and exporter.
Spot e-auction is meant for all categories of Indian coal buyers including traders. Special spot e-auction introduced in 2016 is similar in every way but the booked quantity of coal could be lifted over an extended time period.
“We feel upbeat about this development and hopefully witness an upsurge in auction bookings under the two schemes” said the official.
The company has tweaked its e-auction coal sale policy this week after its Board gave the nod.
The country’s largest coal producer and supplier has lifted the embargo on exporting coal procured through spot e-auction and special spot e-auction outlets. This is a first of its kind development since the introduction of spot e-auction in 2007, a company official said.
The existing clause ‘coal procured under e-auction is for use within the country and not for export’ has now been amended, opening the door for export of the dry fuel in two auction categories.
Allocation under spot e-auction and special spot e-auction together accounted for 46 Million Tonnes (MTs) of coal in FY’21 which was 37% of the total allocated quantity of 124 MTs during the year under.
Spot e-auction at 42.5 MTs was the highest allocated quantity under all the five auction windows, in FY’21, fetching record 25% add on over the notified price. The special spot e-auction netted a premium of 13% over the notified price.
“Though Coal India would not be directly exporting coal, allowing those who procure coal under the two auction windows to export may prove to be catalytic to our sales. If there is favourable response outside the country, then we may witness more active participation as spot e-auctions book high volumes”, said a senior official of the company.
In case of export the requirement of complying with the government rules all statutory guidelines, regulations and legal obligations shall lie solely with the coal buyer and exporter.
Spot e-auction is meant for all categories of Indian coal buyers including traders. Special spot e-auction introduced in 2016 is similar in every way but the booked quantity of coal could be lifted over an extended time period.
“We feel upbeat about this development and hopefully witness an upsurge in auction bookings under the two schemes” said the official.
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