India is on a coal buying spree ad the nation is scrambling to cover an expected shortfall in domestic supply. Coal majors are entertaining all levels of deals, from minority stakes in mines to becoming an operator. Many are chasing stakes in large-scale mines of 10 million to 15 million tonnes a year. Also being eyed are mid-sized thermal coal blocks in Australia.
After a dark winter for Canadian coal producers, spring supply contract negotiations halfway around the world are providing a glimmer of light at the end of the mine shaft. As news of the pricing agreement filtered through the market last week, Canadian coal stocks have reaped the benefits.
State-run Indian trading firm MSTC Ltd plans to raise its thermal and coking coal imports in the next financial year from April due to higher local demand. For full story, click here
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