Government to review new coal price mechanism after March: Sriprakash Jaiswal
January 31st, 2012

 India’s new coal price mechanism will be reviewed after March and current prices calculated under the system will hold until then, Coal Minister Sriprakash Jaiswal said on Tuesday.

He also said the assessment of the new mechanism will be done after assessing Jan-Mar quarter revenues of state-run miner Coal India, which produces about 80 percent of India’s coal.

Jaiswal said any revised mechanism after March would be revenue-neutral for Coal India, which aims to produce 464 million tonnes of coal in 2012/13.

Earlier this month, the state-run miner decided to benchmark the pricing for non-coking coal to gross calorific value (GCV) from the current useful heat value (UHV) based gradation, a move that is expected to push up costs for cement and steel makers.

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