Jharkhand News: BCCL puts in place new coking coal auction strategy
THE JHARKHAND STORY NETWORK Dhanbad, Sept 26: Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited (CIL), has adopted flexible,…
THE JHARKHAND STORY NETWORK
Dhanbad, Sept 26: Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited (CIL), has adopted flexible, transparent and attractive auction norms for steel producers to promote import substitution of coking coal.
A senior BCCL official said that the step has been taken in the wake 9% rise in the import of coking coal in the country.
In five months of the current financial year coking coal was imported 32 MT while in the last financial year, it was 73.2 MT, a rise of 9% over the same period last year.
“Since BCCL is the largest coking coal producer in the country, the primary responsibility of making ‘mission coking coal’ lies with it under Aatmnirbhar Bharat,” the official said.
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BCCL changes auction strategy
In the tranche VI auction, no offered coal was booked. Thereafter, the BCCL changed the auction strategy and introduced the concept of consortium bidding, allowing smaller consumers to collectively bid, which made the auction more accessible.
The official said the Function Director’s Meeting of BCCL approved the proposal ( amendment in eligibility norms of linkage auction bidders) and forwarded it to CIL for consideration.
The CIL duly endorsed the idea and a new scheme document for Linkage Auction Tranche VII for the steel sub-sector was finalised.
The CIL and BCCL also held a consumers’ meeting in New Delhi to get feedback from all major steel producers and steel associations.
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New auction scheme gives dividend
In the recently conducted long-term linkage E-Auction for the steel sub-sector, Tranche VII, a total of 3.36 million tonnes (MT) of coking coal was offered, out of which 2.40 MT has successfully booked by consumers in the steel sector which is a record.
The official said these initiatives are expected to further enhance the utilization of domestic coking coal, reducing reliance on imports and supporting the country’s steel industry.
