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| mjunction launches coal spot price index |
| BS Reporter / Kolkata Sep 24, 2009, 00:28 IST |
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e-commerce company, mjunction Services has launched country’s first Coal Spot Price Index to serve as a barometer for the coal market and a reliable price benchmark across the industry.
“The index aims at empowering coal consumers to avert from risks against market price volatility. We should now be able to reduce dependence of the coal producers, consumers and traders on the international price benchmarks while conducting coal business transactions,” said Viresh Oberoi, managing director of mjunction.
“At a time when the current domestic demand of coal is estimated at 660 million tonnes by 2009-10 with a further import potential of 100 million tonnes by 2012, our coal spot price indices should play a crucial role in managing coal trade in our country and overseas,” Oberoi added.
Four separate indices have been developed after research by a special team.
MJcomposite will serve as a barometer of the overall coal market in India, while three others would serve the steel, cement and power sectors, respectively.. Coal India’s director - marketing A K Sarkar said that coal spot price index was a very significant step in the development of the price benchmark in the coal sector. “Around 425 million tonnes of coal is expected to be available this year, of which, close to 10 per cent is likely to be distributed through e-auction,” Sarkar said.
“The coal spot price indices would eventually work as a benchmark when the coal derivative market takes route in India and buyers and sellers could hedge their rifts through the use of coal derivatives,” Sarkar added.
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