KOLKATA: National Point Exchange Limited (NSEL), the market of all India electronic spot for commodities promoted by the Group Financial Technologies, witnessed the first operation of 3000 metric tonnes of imported coal in its platform electronics.
The exchange recently launched delivery-based contracts for imported coal, with delivery at the Old Port site, Mangalore. This marks the beginning of a new era of electronic trading mechanism transparent to the trade organization for imported coal as this will provide many energy companies, manufacturers of cement, sponge iron manufacturers, mills sugar and other industries of coal, imported source electronically through NSEL platform. This will also allow importers of coal to imported coal to sell directly to end users without the intervention of any intermediary.
The dominance of coal as a source of continuous power. This despite the growing importance of renewable energies and a shift towards lower carbon strategy growth. This domain is driven by strong growth in major consuming sectors such as energy, steel and cement. As a result, coal imports have increased rapidly. During 2011-12, imports stood at 99 million metric tons (MMT), 44 percent more than the previous fiscal year.
This is expected to increase further during 2012-13 as the gap between demand and domestic production is estimated at 148 MMT. If the average price is Rs. 7,000 per metric ton, which happens to be around Rs. A market lac crore per year.
Commenting on this development, Anjani Sinha, MD and CEO of NSELsaid, "We are committed to carrying out structural reforms in the physical trade through various products, whether in agricultural products, metals, energy or anything else, which is delivery in India. the idea is to create a transparent market and risk free, which can be invoked by a large number of buyers and sellers.
The exchange recently launched delivery-based contracts for imported coal, with delivery at the Old Port site, Mangalore. This marks the beginning of a new era of electronic trading mechanism transparent to the trade organization for imported coal as this will provide many energy companies, manufacturers of cement, sponge iron manufacturers, mills sugar and other industries of coal, imported source electronically through NSEL platform. This will also allow importers of coal to imported coal to sell directly to end users without the intervention of any intermediary.
The dominance of coal as a source of continuous power. This despite the growing importance of renewable energies and a shift towards lower carbon strategy growth. This domain is driven by strong growth in major consuming sectors such as energy, steel and cement. As a result, coal imports have increased rapidly. During 2011-12, imports stood at 99 million metric tons (MMT), 44 percent more than the previous fiscal year.
This is expected to increase further during 2012-13 as the gap between demand and domestic production is estimated at 148 MMT. If the average price is Rs. 7,000 per metric ton, which happens to be around Rs. A market lac crore per year.
Commenting on this development, Anjani Sinha, MD and CEO of NSELsaid, "We are committed to carrying out structural reforms in the physical trade through various products, whether in agricultural products, metals, energy or anything else, which is delivery in India. the idea is to create a transparent market and risk free, which can be invoked by a large number of buyers and sellers.
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