The Western Coalfelds (WCL) unit of state-controlled min- ing frm Coal India (CIL) has cut its foor prices for coal sold through electronic auctions in an attempt to attract buyers and run down stocks. WCL has cut notifed prices by 20pc for spot auctions. The state-set notifed price is used in term supply deals and effectively becomes the foor price in the auctions. WCL’s prices have been around 20pc above those from other coal companies because of higher costs associated with diffcult mining condi- tions, hitting its sales. The foor price cut brings its prices in line with those offered by other frms.
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