Coal Insights March 2022

COVER STORY

S

atyendra Nath Tiwary, Director (Marketing), Coal India Ltd (CIL), who took over the charge in December 2019, has led world’s largest coal mining company through the times of the pandemic that coincided with the organisation’s transformation from being production centric to customer focused. The economic hardships faced by the nation during and after the intermittent periods of lockdowns saw CIL rapidly evolving its marketing strategy to address the changing dynamics of the energy sector. A rank-holder graduate engineer from Birla Institute of Technology MESRA, who also did his MBA from the same institute, Tiwari has spent most of his professional life with CIL having exposure to the entire gamut of marketing & sales operations in various capacities in different subsidiaries of CIL. He shares with Arindam Bandyopadhyay of Coal Insights, the roadmap ahead and the impact of various strategies being undertaken by the organisation.

Coal India seems to be persistently working on its 2030 growth roadmap. What are the latest 2030 targets for production and offtake? Could you please give us a year wise break-up for the same?

CIL, the world’s largest coal producer, the fulcrum on which the entire country’s energy decision turns, has a decisive role to play in the future energy mix of the country.

Coal India and the Ministry of Coal are working with experts in the energy domain to arrive at the most realistic projections with respect to India’s coal demand and its availability from Coal India and other sources in the coming years.

An expert group set up by NITI Aayog has projected the thermal coal demand during 2030 to be in the range of 1,1921,315 million tons (mt). Within this, the share of regulated sector is expected to be in the range of 800-875 mt.

TERI has estimated a thermal coal demand in the range of 793-853 mt by 2030. Majority of the estimates point towards a thermal coal demand between 1,200-1,300 mt by 2030.

As the country’s demand of both thermal and coking coal is expected to hover

around 1,400 mt by 2030, the quantum of coal expected to be supplied by Coal India would be around 1,100 mt by 2030.

The task of finalising the estimated figures pertaining to demand and supply are still at a nascent stage, as such, the matter is still being brainstormed at the highest level to arrive at a realistic estimation taking into consideration the country’s ambitious targets on renewables, the Panchamrit, committed during the COP26 summit.

There has been a stupendous growth in CIL’s coal offtake in 2021-22. What were the measures adopted to achieve the feat?

What are the subsidiary wise offtake targets for 2022-23?

After a relatively lean phase owing to the pandemic onslaught in the last fiscal, CIL’s despatch during the current fiscal has leapfrogged surpassing all the previous highs of earlier fiscals and is expected to achieve the figures of around 660 mt or more by the end of the year.

With the coal-based generation skyrocketing to more than 3 Billion Units (bu), CIL has been proactive in supporting this increased generation by supplying about 90 mt more coal to power sector in the current fiscal (up to February 2022) in comparison to same period last year.

Moreover, considering the increased demand as projected by the Ministry of Power, CIL has taken several steps to augment coal dispatch & build-up stock at power plants end: ♦ CIL has additionally allocated 11.2 mt of coal from its high stock mines through RCR mode which is to be lifted from different goods shed/private washeries to build up stock at the plant end ♦ Railways are regularly being requested to give priority in supply of rakes to the power generators. ♦ CIL has already started building stock at its railway sidings to facilitate adequate rake loading for power sector. ♦ In addition to ACQ, coal has been offered under RCR mode on ‘as is where basis’ to build up stock at Power house end.

CIL’s present stride of coal supply will continue in the next fiscal and is well equipped to achieve the dispatch target of 700 mt in 2022-23 with the target of 565 mt for power sector.

The next big move by CIL after augmenting coal offtake has been import substitution.

What was the estimated volume of imports substituted by CIL in 2021-22? What are your expectations for coming years?

Coal import in India has mostly been a function of the market demand, international prices and CIL’s coal despatch scenario at any given point of time.

In the current fiscal, CIL has showcased

Subsidiary wise break up of coal offtake target for FY23 ECL

BCCL

CCL

NCL

WCL

SECL

MCL

CIL

50

32

76

122

62

182

176

700

Coal Insights, March 2022

7

COAL MARKET FUNDAMENTALS

Seaborne coking coal offers remain volatile in March

$750 / Ton

$650 / Ton

$650 / Ton

$550 / Ton

$550 / Ton

$450 / Ton

$450 / Ton

$350 / Ton

$350 / Ton

$250 / Ton

$250 / Ton

Prem Low Vol

Mid Vol

Met Coke

12-Mar-22

17-Feb-22

25-Jan-22

2-Jan-22

10-Dec-21

17-Nov-21

25-Oct-21

2-Oct-21

9-Sep-21

17-Aug-21

$50 / Ton

25-Jul-21

$50 / Ton

2-Jul-21

$150 / Ton

9-Jun-21

$150 / Ton

FOB Prices HCC Peaks Down Region

Coking coal & met coke prices FOB

17-May-21

During February, crude steel production in India was 10.055 million tons (mt), down 7.7 percent from the production figure of January, which was at 10.889 mt.

Imported metallurgical coke offers remained volatile in March on sudden rise in coking coal prices in the global markets.

Imported met coke prices stood at $685 per ton CFR India on March 24 as against $584 per ton on February 28.

24-Apr-21

India February crude steel, hot metal down m-o-m

Imported met coke offers remain volatile

1-Apr-21

S

eaborne coking coal offers remained volatile in March as prices moved between tight supplies and falling demand from steel mills, reluctant to buy at such record high prices.

According to information available with Coal Insights, the premium variety quoted at $579 per ton FOB Australia on March 24 as against $457 per ton on February 28.

Peak Down prices quoted at $580 per ton FOB Australia on March 24 as compared to $458 per ton on February 28.

The sentiment remained bearish towards the end of the March as pandemic-led lockdown in steel hubs in China impacted the future outlook of the commodity.

The prices fell sharply on narrowing margins at steel mills and latest wave of Covid-19 cases in China. The resultant lockdown has increased coal inventory levels at the mines.

Earlier during the month, RussiaUkraine conflict led to escalation of prices on possibilities of low buy from Russia due to sanctions. Amid tensions between Russia and the EU, the European steel mills are forsaking Russian coal to switch over to the Australian variety even at higher prices.

While buying sentiments have turned a bit tepid since the past few days with correction in prices of crude oil and other energy commodities, supply constraints in Australia caused due to heavy rains would take a couple of weeks to normalise, thus supporting coking coal prices at least till May.

In February, hot metal production was at 6.380 mt down from the January production of 6.963 mt.

Finished steel production in February of current fiscal fell 11.8 percent to 9.090 mt, down from the January figure of 10.303 mt.

Steel consumption levels fell 16 percent to 8.585 mt in February as against 10.222 mt in January.

Coking coal import handling at 12 major ports fell 6.78 percent to 45.295 mt in AprilFebruary, according to the apex ports’ body IPA. India has 12 major ports under the control of the central government — Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia).

FOB Prices Premium Low Vol, Semi Soft & Met Coke

Coal Insights Bureau

Domestic met coke prices stood at `60,500 per ton (ex-plant) on the east coast and `60,500 per ton (ex-plant) on the west coast.

The sudden rally in coking coal prices in global markets led to a subsequent rise in domestic met coke prices by `10,000-12,000/ ton since the Russia-Ukraine war broke out.

Current offers for BF grade material stood at `61,000-`63,000/ton in both eastern and western zones of India.

Buyers are showing reluctance due to elevated offers and hardly any trade has been heard at these levels.

Meanwhile, steel grade pig iron prices have also fallen by `3,700/ton from their highs.

There is no inquiry for met coke from merchant producers because of the unaffordability factor and integrated ones are focusing on imported coking coal.

End-user demand for steel has also turned tepid. Some housing projects are even heard to defer construction by three months as the current hike in raw material prices is unviable.

Since the Ukraine-Russia crisis began, Chinese sellers are focusing on meeting domestic requirement as Russian coking coal imports have taken a halt. This has led to no competitive export offers from the country for India.

However, no major downward correction in domestic met coke prices is in the offing due to the prospects of coking coal prices staying elevated in the near term. Only if demand from end-users takes a hit, coke producers would have no option, but to revise their prices downward to sell their product.

HCC Peaks Down Region

Coal Insights, March 2022

17

FEATURE

SCCL’s coal production up 8% in February

Month-wise coal production by SCCL during FY22 and FY21 (in mt) Month

2021-22

2020-21

Y-o-Y growth (%)

April

4.86

3

61.9

May

5.44

3.23

68.56

June

5.27

3.27

61.07

July

4.87

2.85

70.65

August

4.96

2.44

103.45

September

4.54

3.34

36.16

October

5.31

3.89

36.15

November

5.61

4.91

14.22

December

5.65

5.72

- 1.17

January

6.02

5.96

1.13

February

6.04

5.59

7.99

March

6.38

Apr-Mar

50.58

Note: The aggregate may not tally with monthly entries due to rounding off.

February 2022 stood at 59.58 mt, up by 39.88 percent as against 42.59 mt in the corresponding period of last year.

SCCL has achieved 96 percent of the despatch target of 61.87 mt set for AprilFebruary 2021.

Previously, SCCL’s coal despatches during FY21 stood at 48.51 mt, 22.35 percent lower than 62.46 mt reported for FY20.

Despatch to power down 3% Coal Insights Bureau

C

oal production by Singareni Collieries Company Ltd (SCCL) in February 2022 stood at 6.04 million tons (mt), 7.99 percent higher than 5.59 mt achieved in February 2021, according to (provisional) data released by the company.

On a month-on-month (m-o-m) basis, SCCL’s coal production in February 2022 was up marginally by 0.33 percent as against 6.02 mt reported for January 2022, the data show.

SCCL’s coal production during AprilFebruary 2022 stood at 58.58 mt, up by 32.53 as against 44.20 mt in the corresponding period of last year.

20 Coal Insights, March 2022

During April-February 2022, SCCL has achieved 95 percent of the production target, which was set at 61.86 mt.

Previously, SCCL’s coal production in FY21 stood at 50.58 mt, 21.22 percent lower than 64.04 mt achieved in FY20.

Despatches up 4% in February

SCCL’s coal despatches in February 2022 stood at 5.41 mt, 3.68 percent higher than 5.22 mt reported for the corresponding month of the previous fiscal, according to (provisional) data.

On a m-o-m basis, coal despatch by SCCL in February 2022 was down by 9.8 percent from 5.99 mt in January 2022.

SCCL’s coal offtake during April-

Coal despatch by SCCL to the country’s power sector was down by 3.3 percent in February 2022 over the same month last year, according to official data.

SCCL’s coal despatch to the power plants stood at 4.22 mt in February 2022, against 4.36 mt achieved in the same month last year.

On a m-o-m basis, the Telangana-based miner’s February 2022 coal despatch to the power sector was down by 11 percent as compared to 4.74 mt clocked in January 2022.

During April-February 2022, SCCL’s coal supply to the power sector was 48.91 mt, about 36 percent increase over 35.97 mt achieved during the same period a year ago.

EVENT

New blast furnaces make steelmakers met coal dependent Coal Insights Bureau

M

ost of country’s fresh steel capacity is coming up through the Blast Furnace (BF) route and not via the more environment-friendly Electric Arc Furnace (EAF) route which will make it harder for the domestic steel sector to get rid of met coal.

Steelmaking is highly carbon intensive due to requirements for fossil fuels, mainly coking coal, both as feedstock and energy source.

With 90 percent of that coking coal likely to get imported, the current high prices and supply restrictions have put major challenges before domestic steel makers.

Steelmaking through this route generates about 2.3 tons of CO2 per ton of crude steel for all direct and indirect emissions.

The current levels of energy consumption and CO2 emissions in the Indian steel industry are much higher than the world average due to weaknesses in raw materials and energy as well as technological deficiencies.

As production by BF route is expected to go up, by 2030, import of coking coal is expected to rise two-hold to 120 mt.

With 60 percent to 80 percent of the cost of hot metal being contributed by met coal, wildly fluctuating prices in recent times due to geo-political conflicts and supply bottlenecks have created significant risk to the bottomlines of the steelmakers.

Way out is urgent significant research and investments in the use of alternative fuels like hydrogen and, at the same, adopting the EAF and scrap use in an aggressive way, industry leaders said while speaking at the second day of the 15th

Price and availability trends over the recent past have been a source of serious concern. With an uphill task of 300 mt of steel production as envisaged in National Steel policy, uncertainties looms large.

Ajit Saxena

Director, Operations, RINL

Most of the steel capacities are coming up through the BF route due to cost competitiveness while 60 percent of current production comes from that route. So long as this BF technology route continues, the requirement for met coal will continue to be there.

Anil Chaudhary

metals and mining, Essar Capital and former Chairman, SAIL, said.

“As a developing country, India has set an ambitious target to more than double its steel production up to 300 million tons in 2030. A significant share of the growth is based on BF ironmaking and coal-based DRI production, in other words, utilising fossil coal as the primary energy source. This makes the CO2 challenge extremely hard,” said Vidya Prasad, Chief, DRI, Tata Steel Meramandali.

Group CEO, metals and mining, Essar Capital

BF’s economies of scale

Indian Coal Markets Conference organised by mjunction services.

“Most of the steel capacities are coming up through the BF route due to cost competitiveness while 60 percent of current production comes from that route. So long as this BF technology route continues, the requirement for met coal will continue to be there,” Anil Chaudhary, Group CEO,

Even by 2065-2070, when the country is expected to achieve Net Zero target, Chaudhary sees the country continuing to produce 50 percent to 60 percent of steel production from the BF route due to economies of scale available through the BF route compared to the DRI or EAF route.

There is a $100 cost differential between the BF and EAF routes to steelmaking which needs to be bridged, said Somesh Biswas, Chief, Corporate Sustainability, Tata Steel.

However, BF route is losing its cost effectiveness due to historic volatility in met coal prices swinging from a low of $73 per ton to a high $550 a ton over a span of 10 years from 2011 to 2020, Chaudhary said.

Coal Insights, March 2022

37

LOGISTICS

Indian Railways’ coal handling up 22% till February

Indian Railways in April-February 2022 transported 588.87 million tons of coal, 21.8 percent over yearago period. from `11,411.17 crore earned during AprilFebruary 2021. Cement transported through railways was up by 16.7 percent to 123.32 mt in April-February 2022 from 105.69 mt during April-February 2021.

Revenue earnings of Railways from cement were up by 12.34 percent to `9,628.92 crore during April-February 2022 from `8,571.08 crore during the corresponding period of previous year.

Commodity-wise revenue earnings of Railways

Coal Insights Bureau

I

ndian Railways in April-February 2022 transported 588.87 million tons (mt) of coal, 21.8 percent more than 483.35 mt handled in corresponding period of 2021.

Revenue earnings from coal were up by 35.7 percent to `60,436.15 crore in AprilFebruary2022, compared to `44,514.97 crore in April-February 2021.

During April - February 2022, transportation of commodities by Railways stood at 1,278.93 mt, up by 16 percent from 1,102.58 mt clocked during the same period of last year.

Revenue earnings of Railways from commodities during April-February 2022 stood at `129,467.67 crore, up by 22.08 percent to `106,051.16 crore during AprilFebruary 2021.

Apart from coal, Railways during AprilFebruary 2022 transported iron ore of 152.73 mt, up by 7.3 percent from 142.33 mt during April-February 2021. Revenue earnings of Railways from transportation of iron ore during April-February 2022 stood at `12,090.41 crore, up by 5.9 percent

44 Coal Insights, March 2022

COMMODITY

TONNAGE (in million ton) Apr-Feb2021

Apr-Feb 2022

EARNINGS ( in ` cr) Apr-Feb 2021

Apr-Feb2022

Coal Total for steel plants Coal for washeries Total for power houses

47.56

51.53

4,263.64

4,694.43

0.31

0.07

8.38

2.08

193.53

244.36

18,196.62

27,043.32

Total for public use

241.95

292.91

22,046.33

28,696.32

Total

483.35

588.87

44,514.97

60,436.15

i) from steel plants

31.17

36.21

4,801.78

5,978.08

ii) from other points

21.52

25.54

1,725.13

2,344.20

Total

52.69

61.75

6,526.91

8,322.28

Pig iron and finished steel

Iron ore i) for export

22.27

7.01

2,536.12

795.89

ii) for steel plants

76.38

83.56

5,260.28

6,398.96

iii) for other domestic users

43.68

62.16

3,614.77

4,895.56

Total

142.33

152.73

11,411.17

12,090.41

Cement

105.69

123.32

8,571.08

9,628.92

Foodgrains

59.15

66.68

9,056.60

10,406.44

Fertilizers

51.53

45.74

6,037.09

5,267.67

Mineral Oil (POL)

39.03

40.85

5,291.56

5,539.72

i) Domestic containers

10.95

15.46

1,299.70

1,843.61

ii) EXIM containers

45.70

51.87

3,855.47

4,465.46 6,389.69

Total

56.65

67.33

5228.81

Balance other goods

90.16

105.31

7,633.96

9,145.69

1,102.58

1,278.93

106,051.16

129,467.67

Total revenue earning traffic

INTERVIEW

“ Coal will continue to occupy centre-stage in India’s energy sector”

W

ith no new thermal plants being planned, limited reserves of petroleum and natural gas, eco-conservation related sensitivity for hydel projects, geo-political perception for nuclear power plants shall ensure that coal will continue to occupy the centre-stage of India’s energy scenario. However, limited bandwidth for remote management of mining assets will be a challenge.

Further, with increased coal mining, long-term overburden removal contracts, coal MDO projects getting operational and cement, steel companies continuing with their greenfield and brownfield expansion, we expect a robust demand for mining equipment says Arvind K Garg, Executive Vice-President & Head, L&T Construction & Mining Machinery to Ritwik Sinha of Coal Insights.

Coal Insights, March 2022

47

CORPORATE

Adani eyes ammonia route to power decarbonisation Coal Insights Bureau

A

dani Power Ltd (APL) is exploring use of green hydrogen-derived Ammonia to fuel its existing thermal power plants replacing coal.

As an initial step, APL has tied up a technical collaboration with IHI Corporation and Kowa Company Ltd to study the feasibility on a modification to achieve 20 percent liquid ammonia co-firing at its Mundra coal-fired power plant.

If the project is successful, APL will go for 100 percent mono-firing at Mundra.

“APL aims to lead India’s initiatives in achieving greenhouse gas reduction targets by evaluating the possibility of potential implementation of ammonia as a fuel in thermal power generation that will utilise green hydrogen-derived ammonia in the existing thermal power plant,” the Adani group company said.

Kowa supported APL by conducting a global survey of hydrogen and ammoniarelated technologies being utilised for power generation.

IHI Corporation has already successfully demonstrated its ammonia co-firing technology at a large-scale commercial coalfired power plant in Japan and responded to many inquiries related to ammonia co-firing globally.

“The IHI Group is focusing on the use of ammonia as a fuel. In this field, we will gradually reduce CO2 emissions while demonstrating ammonia co-firing in existing thermal power plants. Our goal is to pursue thermal power that does not emit CO2 during power generation, using ammonia exclusive firing,” IHI said in its 2021 annual report.

“To achieve de-carbonisation of APL’s coal-fired assets, the parties, by considering the possibility of ammonia co-firing through

52 Coal Insights, March 2022

the studies, aim to de-carbonise APL’s coal fired assets with the objective to potentially implement the technology in other coal-fired units within India,” APL said.

These studies contribute to carbon neutrality in India in line with the IndiaJapan Clean Energy Partnership (CEP) announced by the Indian and Japanese governments on March 19.

Ammonia is gaining attention as an energy carrier to achieve carbon-free hydrogen value chain.

IHI Corp has focused on ammonia, which has already developed infrastructure in place and can easily be sea transported, and have been developing technologies that would allow boilers to co-fire pulverized coal with ammonia.

IHI is actively involved in the development of the value chain by further development of this technology and actual implementation.

“Utilising green hydrogen-derived Ammonia in existing thermal Power plant can contribute significantly to India’s goal of achieving Net Zero by 2070. APL aims to lead India’s initiatives in achieving greenhouse gas reduction targets by evaluating the possibility of potential implementation of ammonia as fuel in thermal power generation,” IHI Corp said.

The parties intend to conduct research and development, demonstration and commercial implementation in parallel with that in Japan in order to achieve early global implementation of fuel ammonia supply chain.

IHI, in addition to promoting multiple models of ammonia utilisation, will contribute to the decrease in the global environmental burden through early commercial implementation of fuel ammonia and providing high quality infrastructure.

“This will aim to promote energy

“APL aims to lead India’s initiatives in achieving greenhouse gas reduction targets by implementation of ammonia as fuel in thermal power generation.”

Adani Power cooperation between Japan and India through diverse and realistic energy transitions utilising all energy sources and technologies to ensure energy security, carbon neutrality and economic growth. In addition, the parties intend to conduct research and development, demonstration and commercial implementation in parallel with that in Japan to achieve early global implementation of fuel ammonia supply chain,” APL said.

India-Japan clean energy partnership

The recent India and Japan partnership acknowledges the need to explore a variety of options to ensure secure and stable supply of energy for achieving both goals of sustainable economic growth and addressing climate change.

They share the view that there is no single pathway to achieve low-carbon economy, but rather there are different paths for each country.

India has announced enhanced target including Net Zero by 2070. Japan has also initiated a target to achieve the same by 2050.

“Both countries are tapping into lowcarbon sunrise sectors and exploiting new technologies and business models to reduce carbon emissions. This offers immense potential to enhance bilateral cooperation in the area of clean and sustainable development.

India and Japan have made substantial

GOVERNMENT

Coal Ministry organises talk on sustainable mining Coal Insights Bureau

T

o celebrate and commemorate the 75 years of Independence, Ministry of Coal organised special events and programmes throughout the country from March 7 to March 11 as part of the ‘Azadi Ka Amrit Mahotsav’ iconic week celebrations.

The celebrations of the iconic Week was marked in its second day with a talk on ‘Environment and Social Sustainability in Coal Mining’ given by Dr. Ashok Jain, Adviser (GHD), NHAI, Ministry of Road Transport and Highways in the presence of Secretary (Coal) and other senior officers of the Ministry and CPSUs through virtual mode.

On the fourth day, a talk on evolution of rural electrification process was given by Prof Atul Kumar, JNU in the presence of senior officers of the Ministry of Coal and CPSUs through virtual mode.

The Iconic week was marked with a series of events and activities planned for the week.

Centre outlays `362.72 crore for coal mine infra

U

nder the sub-scheme Development of Transportation Infrastructure in Coalfield (DTIC) under the Central sector scheme of “Conservation, Safety and Infrastructural Development in coal/lignite mine, the government has allocated a total of `362.72 crore in the next five till FY26, informed Pralhad Joshi, Union Minister of Coal and Mines in a written reply to Rajya Sabha.

“So far, 6 partially explored coal blocks have been successfully auctioned. Coal companies under the Ministry of Coal have taken up infrastructure development for more efficient evacuation of coal,” Joshi added.

The actual amount of allocation in FY22

56 Coal Insights, March 2022

Vismita Tej, Joint Secretary, Coal along with Mukesh Choudhary, Director, Coal Ministry, meeting Central Coalfields officials and chaired a meeting with the linked power consumers. Various issues related to ensuring sufficient coal stocks in the plants and consumer satisfaction were discussed.

stood at `65.48 crore as against the outlay of `74.72 crore. For FY23, the actual allocation stands at `50.04 crore as against the plan of `72 crore.

Centre approves amendment of Mines and Mineral Act

C

entre has approved the proposal of the Ministry of Mines for amendment of Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 for specifying the rate of royalty in respect of glauconite, potash, emerald, platinum group of metals (PGM), andalusite, sillimanite and molybdenum, according to an official.

The approval would ensure auction of mineral blocks in respect of glauconite, potash, emerald, PGM, andalusite and molybdenum thereby reducing import of these minerals, generating empowerment opportunity in the mining sector as well as manufacturing sector which will help in ensuring inclusive growth of a large section of the society.

Rate of royalty for andalusite, sillimanite and kyanite which are mineral polymorphs are kept at the same level.

The approval will lead to import substitution in respect of many important minerals for the economy of the country thereby saving valuable forex reserves. It will reduce country’s foreign dependency through the local production of minerals. The approval would ensure auction of mineral blocks in respect of glauconite, potash, emerald, PGM, andalusite and Molybdenum for the first time in the country.

AT&C losses reduce to 20.93% in FY20

A

ggregate Technical and Commercial (AT&C) losses has reduced from 21.5 percent in FY18 to 20.93 percent in FY20, informed R K Singh, Ministry of Power and Ministry of New and Renewable Energy.

As per the information available in the report on performance of power utilities published by Power Finance Corp, the cost of power to distribution utilities increased from `4.21/KWh in 2017-18 to `4.73 /

62 Coal Insights, March 2022