Coal India Limited increased the prices of A and B grade coal by 100 to 200 percent and prices of grade C and below by 30 percent. The price hike hit the sponge iron industry as the cost of production
Criticising state-run Coal India Limited (CIL) for "arbitrarily" raising coal prices, the West Bengal Sponge Iron Manufacturing Association (WBSIMA) Thursday demanded a rollback of the hike as it was affecting the sector.
"Coal India Limited increased the prices of A and B grade coal by 100 to 200 percent and prices of grade C and below by 30 percent. The price hike hit the sponge iron industry as the cost of production increased manifold," WBSIMA secretary Subhendu Bhattacherjee told a press conference in Kolkata.
"We had requested CIL authorities to be industry friendly. But within one-and-a-half years, prices of coal have been increased. The last revision was on October 16, 2009," he said.
Former CIL chairman and present director of Shyam Group Sashi Kumar said: "We are demanding rollback of the increased prices and a coal regulator to review coal prices.
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