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Monday, 17 August 09
COAL INDIA PLANS A PRICE HIKE OF 11%
 With the state-run CIL mining 84% of the coal produced in the country, an 11% increase will push up inflation by around 0.16%, the company said
Live Mint reported that, In a move that may impress investors ahead of its maiden public sale of shares but add to the costs of cement, power and steel companies, India’s largest coal miner has proposed an 11% increase in coal prices.
State-run Coal India Ltd, or CIL, argues its price hike will have only a marginal impact on inflation.
The price increase will net CIL an additional revenue of Rs4,629 crore and boost profits ahead of a public offer in the stock market.
“We see a price correction shortly and there should not be a problem,” said Partha S. Bhattacharyya, chairman of CIL. The company posted a profit of Rs300 crore on a turnover of Rs46,000 crore last year.
The weightage of coal in the Wholesale Price Index, or WPI, is 1.753%.
With the state-run CIL mining 84% of the coal produced in the country, an 11% increase will push up inflation by around 0.16%, the company said.
On 7 August, Mint had reported on the Union government plan to shortly approve a CIL proposal to increase the price of coal, a move that will directly affect cement, power and steel companies.
CIL is a holding firm under the coal ministry that contributes 85% of India’s coal output and is free to fix the price at which it sells the fuel, but only after prior approval from the government. The last coal price revision was in December 2007 and the latest revision is expected to partly bridge the price gap with international coal, which is about one-third higher.
Shriprakash Jaiswal, minister of state (independent charge) in the ministry of coal, did not respond to repeated phone calls and a message to his cellphone.
Any increase in prices of coal, a key input for most sectors, will have a cascading effect.
It will increase the price for coal to the power sector by Rs77 per tonne, which will work out to around 5 paise per unit of power generated; for the cement sector, the impact will be around Rs20 per tonne which will work out to around 80 paise on a 40kg bag, said Bhattacharyya.
Overall annual inflation, as measured by WPI, is still contracting and was -1.74% on 1 August. There is, however, a fear that inflation may bounce back later in the year, especially since food price inflation continues to be firm — the pressure will only worsen with the country declaring drought in 171 districts in the middle of its most important crop season, kharif.
The National Council of Applied Economic Research in its monthly report on 12 August said that the possibility of the inflation rate rising in the current fiscal cannot be ruled out.
“Rise in prices of basic raw material may have multiplier effect on inflation, apart from direct impact on the indices, which in recessionary time, may have adverse impact on the economy,” said Dipesh Dipu, principal consultant (mining) with audit and consulting firm PricewaterhouseCoopers.
Crisil Ltd principal economist D.K. Joshi said: “The coal price increase will have an impact on energy-intensive industries. However, I do not see it as a major problem on inflation for the next couple of months. Going ahead, it will add to the cost of raw materials.”
CIL believes that the price hike will help CIL partly offset the increase in input costs, such as a higher wage bill on account of the Sixth Pay Commission, and thereby show a healthier balance sheet ahead of its proposed listing on bourses.
“That’s (listing) the idea. In declining profitability, who will invest? This will help us with our proposed listing,” said Bhattacharyya.
Indian coal (with a calorific value of 3,500 kilocalorie per kg) is priced at around $38 (Rs1,835) per tonne, around 30-40% lower than international prices.
India has 256 billion tonnes of coal reserves, of which around 455 million tonnes (mt) per annum is mined. CIL is targeting a production of 435 mt this year, against 403.73 mt achieved in 2008-09.
Demand for coal is expected to reach about two billion tonnes a year by 2031-32, about five times the current rate of extraction, with the maximum demand coming from the power sector.
Source:Live Mint
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Wednesday, 12 August 09
COAL INDIA TO IMPORT 4 MLN T 2009/10 - MEDIA
State-run Coal India Ltd plans to directly import 4 million tonnes of coal in the current fiscal year to March 2010, Chairman Partha Bhattacharyya s ...
Wednesday, 12 August 09
CHINA'S LARGEST COAL PRODUCER TO SET UP COAL RESERVES
China's National Development and Reform Commission has commissioned China Shenhua Energy Co., the nation's largest coal producer, to build 10 stor ...
Wednesday, 12 August 09
NALCO SMELTER CONSTRUCTION MAY FACE DELAY
The Jakarta Post reported that, India’s state-run National Aluminum Company (Nalco) may postpone the construction of an aluminum smelter in In ...
Wednesday, 12 August 09
COAL MINE PLAN SHOT DOWN OVER GREEN CONCERNS
The Times of India reported that, In a major setback to Adani Powers, the principal chief conservator of forests (PCCF) has rejected its proposal fo ...
Tuesday, 11 August 09
INDONESIA'S COAL EXPORTS TO INDIA WILL BE EXEMPTED FROM DUTIES STARTING JANUARY 1, 2013 - BERITA SORE
Berita sore reported that, ASEAN is scheduled to sign a long-awaited Free Trade Agreement (FTA) with India in Bangkok on Thursday aimed at boosting ...
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- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
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- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Aditya Birla Group - India
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- Indika Energy - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- Deloitte Consulting - India
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- Salva Resources Pvt Ltd - India
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- Maheswari Brothers Coal Limited - India
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- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
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- VISA Power Limited - India
- Bharathi Cement Corporation - India
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- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
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- Antam Resourcindo - Indonesia
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- Commonwealth Bank - Australia
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- Economic Council, Georgia
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- White Energy Company Limited
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
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- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
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- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
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- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
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- Australian Coal Association
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- ICICI Bank Limited - India
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- Georgia Ports Authority, United States
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- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
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- Parliament of New Zealand
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- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
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- Savvy Resources Ltd - HongKong
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- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
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- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
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- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
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- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
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- Maharashtra Electricity Regulatory Commission - India
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- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
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- Singapore Mercantile Exchange
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- CIMB Investment Bank - Malaysia
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