India's largest coal supplier Coal India Ltd (CIL) has raised prices of its non-coking coal of grade G2 to G10 by 8%, marking the first hike in five years, according to local media.
The adjustment of prices comes into effect from May 31, according to the company.
These high grade coals are mainly used by the sectors including cement, fertilizer, and sponge iron and higher prices are likely to increase their costs.
However, thermal power generation is less likely to be affected, as power plants mainly use coal of grade 11 to grade 13.
The company noted the price revision will add an extra revenue of 27.03 billion rupees in the balance of the financial year ending March 2024.
CIL produced 700.4 million tonnes of coal in the year to March 30, 13% higher compared with the same period in the preceding year.
(Writing by Emma Yang Editing by Alex Guo)
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