Domestic coal production rose 11.71 percent to 997,828 MT in 2023-24 compared with 893,191 MT in 2022-23 | Photo: Bloomberg
India’s coal imports rose 5.7 per cent to 75.26 million tonnes (MT) in the first quarter of the current fiscal year, compared with 71.16 MT of coal in the same period of the previous fiscal year.
Coal imports in June were also higher by 6.59 per cent at 22.97 MT compared with 21.55 MT in the same month of the previous fiscal, according to data compiled by mjunction services ltd, a B2B e-commerce platform of a joint venture between Tata Steel and SAIL.
Vinaya Varma, MD and CEO of mjunction, said given the surplus coal available in the system and slowdown in industrial activity during the monsoon, import demand is likely to remain subdued in the next month.
Of the total imports in June 2024, non-coking coal imports amounted to 14.19 MT, up from 13.29 MT imported in June last year. Coking coal imports amounted to 5.45 MT, up from 5.33 MT imported in June 2023.
During April-June 2024, non-coking coal imports amounted to 49.12 MT, which was higher than the 46.53 MT imported during the same period of the previous year. Coking coal imports stood at 15.45 MT during April-June 2024, as compared to 15.20 MT recorded in April-June 2023.
India’s coal imports rose 7.7 per cent to 268.24 million tonnes in fiscal year 2024, driven by weaker sea freight prices and the likelihood of a surge in power demand during the summer. The country’s coal imports stood at 249.06 million tonnes in fiscal year 2023.
Coal Minister G. Kishan Reddy had earlier said India should increase domestic production of fossil fuels and reduce coal imports.
Domestic coal production increased by 11.71 per cent to 997,828 MT in 2023-24 compared to 893,191 MT in 2022-23.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 11, 2024 | 11:30 a.m. IS
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