Updated May 12th, 2024 at 11:32 IST

India's coal imports surge by 8% in FY24

Data compiled by B2B e-commerce company mjunction services showed that coal imports stood at 249.06 MT in the preceding fiscal year.

Reported by: Business Desk
Coal India | Image:Unsplash
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Coal imports surge: India witnessed a notable uptick in coal imports, recording a 7.7 per cent increase to reach 268.24 million tonnes (MT) in the fiscal year 2023-24. The surge was primarily propelled by favourable trends in seaborne prices and anticipations of heightened power demand during the summer months.

Data compiled by B2B e-commerce company mjunction services showed that coal imports stood at 249.06 MT in the preceding fiscal year, indicating a significant year-on-year growth trajectory.

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In March 2024 alone, coal imports surged to 23.96 MT, compared to 21.12 MT in the corresponding period of the previous fiscal year. Of this total volume, non-coking coal imports accounted for 15.33 MT, marking an increase from 13.88 MT in March FY23. Similarly, coking coal imports in March 2024 amounted to 5.34 MT, up from 3.96 MT recorded a year earlier.

Throughout FY24, non-coking coal imports reached 175.96 MT, surpassing the 162.46 MT imported in FY23. Coking coal imports during the same period totalled 57.22 MT, compared to 54.46 MT in FY23.

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Vinaya Varma, Managing Director & CEO of mjunction, attributed the rise in coal import volumes to the persistent softness in seaborne prices and the expectation of increased demand during the summer season. However, Varma noted that despite this growth, the availability of domestic coal remains ample, raising questions about the sustainability of import demand in the coming months.

In tandem with the surge in imports, India's coal production during FY23-24 reached 997.25 MT, marking a notable growth of 11.65 per cent compared to the previous fiscal year.

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(with PTI inputs)

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Published May 12th, 2024 at 11:32 IST