Indian state-owned Coal India Limited's subsidiary Central Coalfields Limited has raised its coking coal prices with effect from Saturday.
CIL did not specify how much prices had been raised in a filing to the Bombay Stock Exchange, saying only that it may help CIL earn Rupee 8.99 billion ($13.1 million) in additional revenue in the balance of fiscal 2016-17 -- January 13-March 31 -- and Rupee 2.22 billion in the next fiscal year.
The increase in price was the result of subsuming a washery recovery charge or WRC, which was charged separately on non-linked washery grade coking coal, it said.
CIL's unit Bharat Coking Coal Limited has also raised coking coal prices, by about 20%, which will help CIL earn additional revenue of Rupee 7.02 billion for the remainder of fiscal 2016-17 and Rupee 29.86 billion in fiscal 2017-18, the company said.
Sources said the hikes added to cost pressures on Indian steelmakers already grappling with subdued demand and high import prices for coking coal.
