Coal, anyone?

Coal India cut prices of high energy content coal for the first time in three years follows a global price crash of the commodity. Cuts more in the form of waivers for premiums that customers had to pay in case they picked more than 90% of contracted stock.

Excess stockpiles as of April comprising of 58 million tonnes at Coal India’s mines and a further 39 million tonnes at its customers power plants. There are several legacy reasons why power companies are not picking coal, the latest being the ever-tightening grip of drought which has seen a number of water-cooled coal plants shut down.