| Date: |
26-10-2013 |
| Subject: |
SAIL to pay $148/tonne to Oz coking coal suppliers in Q3 |
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Steel Authority of India (SAIL) has agreed to pay its Australian coking coal suppliers $148 for a tonne for the October-December quarter, $6/tonne higher than the contracted price for the previous quarter.
An Empowered Joint Committee (EJC), which sets prices on a quarterly basis for the PSU steel maker, fixed the rate in a recent meeting, a source said, adding the agreed price was in line with the agreement reached by Japanese steel makers with Australian suppliers.
“The price for the imported coal supplies for the October-December quarter was settled at a recent meeting. Quarterly prices for the Australian supplies have been finalised at $148 per tonne which is around $6 per tonne more than the previous quarter,” the source said.
SAIL, which has around 14 million tonne per annum (mtpa) hot metal production capacity, imports around 70% of its coking coal requirement from Australia and the US. Of these, nearly two-thirds come from Australia.
Source : financialexpress.com
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