Posted on 11 Jun 2009
Indian state-owned steel giants Steel Authority of India (SAIL) and Rashtriya Ispat Nigam Limited (RINL) have negotiated the current fiscal year's long-term coking coal prices with global suppliers at US$115-125 per tonne, over 60 per cent lower than what the companies paid in the last financial year, an official said.
The new contract would be effective from April 1 this year instead of July 1, Steel secretary P K Rastogi said, adding the differential price for three months (April-June) of 2008-09 contract would be carried forward over a span of few years.
