In the month of February, India experienced a notable surge in coal imports, with figures rising by 13% to reach a total of 21.64 million tonnes (MT). This uptick, as reported by online marketplace mjunction, was primarily fueled by the proactive stance of certain buyers who sought to bolster their stocks in anticipation of the impending summer season.
Comparatively, February of the previous fiscal year, FY23, witnessed coal imports amounting to 19.15 MT. The latest data compiled by mjunction underscores a discernible increase in import volumes, marking a significant shift from the corresponding period a year ago.
Breaking down the import categories for February, non-coking coal emerged as a major driver of the surge, registering a substantial increase to 13.77 MT from the 11.68 MT imported during the same period in the previous year. Similarly, coking coal volumes saw an uptick, reaching 4.56 MT compared to 4.40 MT in February 2023.
Zooming out to assess the broader coal import trends, the cumulative import figures for the April-February period of FY24 also painted a picture of growth. Total coal imports during this period amounted to 244.27 MT, showcasing a notable escalation from the 227.93 MT recorded in the corresponding period of the previous fiscal year. Non-coking coal imports stood at 160.63 MT during April-February FY24, while coking coal imports reached 51.87 MT.
Vinaya Varma, managing director and CEO of mjunction, attributed this surge in imports to the proactive measures undertaken by buyers, who sought to fortify their inventories in preparation for the forthcoming summer season. Varma also noted that this uptick occurred amidst a backdrop of softened seaborne prices.
Furthermore, India’s coal production during the April-February period of FY24 was reported at 880.72 million tonnes, underscoring the complex dynamics at play within the nation’s energy landscape.
Sources: moneycontrol.com