Last Updated :
05 March 2009 at 13:50 IST
Steel stocks trade green on coking coal price revision
Commodity OnlineMUMBAI: A downward revision in the coking coal prices seems to be playing a key role in deciding the competitiveness of the steel companies in India.
Gujarat NRE Coke Ltd seems to be deciding the coking coal price at USD 120-140 per tonne for the new coal contract. In an interview with a private new channel Gujarat NRE Coke MD, Arun Kumar Jagatramka informed that the coal prices would be revised to a comparatively lower price, while the company’s margins would remain below expectations.
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The international coal scenario remains positive as the producers decide to lower prices. The price cut would come as a boon to the steel companies like Tata Steel Ltd, JSW Steel and Steel Authority of India Ltd (SAIL).
JSW Steel Ltd was trading at Rs. 180.25 up by 1.29%. The stock had touched its day’s high of Rs.184 in the early trading hours on the BSE. Similarly, Tata Steel Ltd, which was trading at Rs.157.45 up by 0.5% had touched its day’s high of Rs. 160.15 during the day.
SAIL was marginally low by 0.26% at Rs.75.65 in the afternoon trades, which had touched its day’s high of Rs. 78 in the early sessions. Similarly, Bhushan Steel Ltd was trading at Rs.307 down by 0.24% had touched its day's high of Rs.312.45.
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