Coal India Ltd (CIL) is planning to lift the prices of coal slowly after inquiring views of all stakeholders, the state-owned miner's Chairman Pramod Agrawal said on September 15, as Asian coal prices rose to all-time highs.
Coal prices from main exporters like Indonesia and Australia, and the most-traded thermal coal futures contract on China’s Zhengzhou Commodity Exchange touched the record high in recent time with the drive of robust electricity demand.
"We cannot increase the price of coal abruptly. It can only be increased slowly, and that we are planning (to do)," Coal India Chairman Pramod Agrawal told shareholders at the company’s annual general meeting.
CIL, the largest coal producer in India, accounts for over 80% of the country's coal output. It last raised coal prices in 2018.
The company's stock prices have surged over 20% over recent three weeks, and as of September 15, concluded at a new high in past three months, buoyed by rising production due to eased anti-pandemic measures and increased coal-fired power generation demand.
(Writing by Rebecca Liu Editing by Tammy Yang)
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