PTI reported that JSW Steel is negotiating a 66% lower rate for coking coal from global suppliers at USD 100 per tonne.

Mr Sajjan Jindall vice CMD of JSW Steel said that “Long term coking coal contracts are under negotiations. We are expecting close to USD 100 a tonne, which is 66% lower than the present contracted rates.''

As per report, JSW Steel has already negotiated a 43% cheaper rate for coking coal to be procured from global mining major Rio Tinto for the January to March quarter at USD 175 a tonne, against the contracted price of USD 305 a tonne.

Mr Jindal said that the long term coking coal contracts for the next fiscal would ease out the company's input cost pressure, which partially ate into its margins as it reported a net loss of INR 127.50 crore for the Q3 of 2008-09.

(Sourced from Press Trust of India)