SteelRX Launches e-coal trade platform

SteelRX Launches e-coal trade platform

New Delhi Sept 13, 2005: SteelRX Corporation, an e-commerce platform for buying and selling of steel products today launched an e-trading platform for coal, www.coalrx.com for electronic trading of Coal in the country.

The CoalRX platform would be available to domestic coal companies for selling coal to the non-core sector consumers via e-auction in the most transparent manner at market determined prices. For the non-core sector as well as small consumers buying coal would be easier through this route than the erstwhile black market rates, which is fostered due to administered price regime.

At CoalRX plans are also afoot to sell imported coal through the platform to the small consumers for whom otherwise getting access to such variety is an arduous task. In the process the entire coal supply chain will get refurbished. The main objective of CoalRX would be to establish best mechanisms for coal trade through modern, efficient and transparent means.

At present, more than 60 per cent of the country’s energy requirements are met by coal. It is the key raw material for power, steel, cement, fertilizer, refractory and a host of small industries such as brick kilns, glass factories, foundries etc. With the growth in Indian economy, demand for coal has also been on the rise. The current annual domestic production of 360 million tonnes (approx) is short of the annual demand by 34 million tonnes (estimated).

According to Mr Y P S Suri, CEO of SteelRX, “We are happy to extend our experience and knowledge of best practices in e-trade to the coal sector after successfully implementing it in the steel sector. As in steel, we are sure that the coal sector will immensely benefit through this initiative of ours.”

The Government of India has already cleared the policy of e-auction of coal for the non-core sectors and the small consumers so that availability of coal is made to them at the right prices. Coal India Ltd through its subsidiaries has already conducted trial e-auctions and in the days to come is expected to come out with a comprehensive road map on e-auctions. CoalRX will cooperate with the Government and CIL in any such move.

About SteelRX Corporation: SteelRX Corporation is a leading, neutral, B2B e-commerce company, which launched e-buy and sell of steel through the Internet in June 2000 and today has also evolved into a leading information supplier in the steel domain. With the launch of www.coalrx.com, similar information on the coal sector would be disseminated through its platforms. In July, 2005 SteelRX was acquired by the country’s largest non-captive producers of low ash metallurgical coke, Gujarat NRE Coke Group.

Contact Mr. Rishi Raj SteelRX CorporationTelephone Number: +91 (11) 26325591-92
Fax Number: +91 (11) 26325590Email Address: rishiraj {at} steelrx(.)com