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Coal India Ltd., India's largest state-run coal giant, said it is not considering revising up prices of domestic coal even though the gap between domestic and international prices is widening, an official disclosed.
"The revision of prices is not on the card as of now. Everything has to be taken into consideration like electricity prices and the economy before we consider revising prices," the official said.
The company's move to remain domestic prices stable is a good thing for lowering costs of the power sector and consumers of electricity, and is expected to stabilize effect on fuel inflation.
In fact, India's domestic coal prices are at a discount of 40-50% to global markets.
The CCI index for Indonesian 4,700 Kcal/kg NAR thermal coal has gone up by 18.35% from August to $83.0/t on a FOB basis on December 5.
Analysts noted firm international prices are likely to bolster e-auction prices in India. The increased Indonesian coal prices have already drove up e-auction prices, some sources said.
Over a fifth of India's coal consumption comes from imports, while e-auctions deal with roughly 15% of India's domestic coal market.
CIL produced 460 million tonne of coal till November in fiscal year 2023-24, up 11.5% from the corresponding period last year, as per the latest data by the company. In November alone, the company registered a growth of 8.8% in production at 66 million tonnes.
(Writing by Rebecca Liu Editing by Harry Huo)
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