Steel Authority of India Seek Coal Company for Supply Coking Coal

India Commodities News - SAIL or known as Steel Authority of India has invited bids from global companies for seek supply of coking coal to feed its expanding steel business. The interested companies can participate in a meeting held on October 20, 2010. The interested companies have to submit their bids to the steelmaker by October 28, 2010, it said. ?Expression of Interest (EoI) are invited from eligible reputed overseas coal producers/ overseas coal suppliers of imported coking coal, interested in entering into long term agreement,? the company said in an advertisement. SAIL Chairman C S Verma had earlier floated the idea of combining the resources of all the industry players to create a ?war chest? for ?big ticket? buyouts of coking coal mines abroad.

Coking coal, along with iron ore is a vital steel-making input. The country?s largest steelmaker is rich in iron ore reserves but lacks deposits of coking coal. It imports a significant quantity of coking coal from countries like Australia to run its business.

Coking coal prices are also hovering in the range of over $200 a tonne as against $125 a tonne last year. Through, International Coal Ventures, a consortium with PSUs like NTPC, Coal India, the steel major is scouting for coking coal resources in countries like the US, Mozambique, Indonesia among others.