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Coal India subsidiary, Bharat Coking Coal, has raised prices of coking coal used in sponge iron making by a minimum of 20 per cent. It has also linked prices of premium grades of coking coal with the import prices.
The hike has been done looking at international prices of coking coal which have risen substantially over the last one year. Prices of coking coal have risen 3.5 times in the last one year. Linking premium grades of coking coal to international prices would allow the Coal India subsidiary to effect substantial hike in prices for these grades.
In a statement to the stock exchanges, Coal India said that the rise in prices of coking coal by Bharat Coking Coal will result in an additional income of Rs 702 crore for Coal India during this current financial.
In case Coal India manages to achieve its target for sale of coking coal during 2017-18, it is likely to clock an additional income of Rs 2,986 crore.