Bloomberg reported that the largest producer of coking coal, Coal India, plans to increase coking coal prices for Steel Authority of India Ltd., which is the country’s second biggest producer.
As quoted in the press release:
The increase in domestic rates may counter the benefit of lower international coal prices at the steelmaker. Steel Authority and competitors in India are negotiating coking coal prices as low as $160 a ton for the quarter ending March, a 32 percent decline from year-ago prices, three people familiar with the matter said Jan. 10. High production capacities and slowing demand in Europe have brought down prices of the steelmaking ingredient last year.