New Delhi, Nov 7 (PTI) The National Coal Index (NCI), which reflects the change in price of coal, has increased by 3.83 points to 143.91 points in September 2023, an official statement said.
This increase was on account of a temporary rise of coal prices in global markets, Ministry of Coal said in a statement.
"The NCI is marginally up by 3.83 points to 143.91 in September 2023, the first time increase since April 2023. The NCI is used to determine the premium on a per tonne basis or revenue share (on a percentage basis) based on a market-based mechanism," the ministry said.
The National Coal Index (NCI) had been rolled out on June 4, 2020 by the Ministry of Coal and it is a price index which reflects the change in price of coal in a particular month relative to the fixed base year.
The index is meant to encompass all transactions of raw coal in the Indian market. This includes coking and non-coking of various grades transacted in the regulated (power and fertilizer) and non-regulated sectors. The transactions include those at notified price, coal auctions and coal imports.
The NCI's upward movement indicates rising demand of coal because of upcoming festive season and winter season, which will encourage coal producer to take maximum benefit by further scaling-up domestic coal production to meet the growing energy demands. PTI ABI SGC HVA