CIL’s auction booking up 29 per cent in Apr-Jul’21 as global coal prices soar

Coal India’s (CIL) registered 87 per cent growth in its e-auction net sales at Rs 4,700 crore in the first quarter of the current financial year on the back of a rise in international coal prices.

The company registered e-auction sales of 30.2 million tonnes (MTs), during Q1 FY’22. Auction sales were down at 15.9 MTs, during pandemic slowdown, as of the first quarter of last fiscal, a company statement said.

CIL’s e-auction allocation at 35.5 MTs during April-July’21, under five auction categories, increased by nearly 8 million tonnes (MTs) registering a 28.6 per cent over same period year ago, when the allocation stood at 27.6 MTs.

“With international coal prices spiraling upwards with no signs of let up, consumer preference for domestic coal is seemingly gaining ground,” the statement said.

The effect of ascending cost of coal sourced from overseas was evidenced in the country’s coal importers booking 70 per cent of the total quantity of 2.4 MTs offered to them under their special spot e-auction during April-July’21. The add-on over the notified price under this category was 52 per cent, it said.

For the month of July’21 almost all the quantity of 1.6 MTs offered to coal importers under exclusive special e-auction window was booked.