Indian state-run miner Coal India Limited (CIL) will hold four rounds of auctions for long-term coking coal supply agreements with steel producers, a company source said on Monday, October 22.
The source said that, in the four rounds of auctions, steel companies will be able to submit bids and successful bidders will be eligible to enter into long-term supply agreements for coking coal supplies with the miner.
While no information on the total volume of coal supplies that will be assured through the next four rounds of auctions, the company source said that CIL has decided to extend the tenure of fuel supply agreements from five years to 10 years, with provision of extending them by another five years to be mutually agreed between CIL and the steel company.