India saw a 13% increase in coal imports, reaching 21.64 million tonnes (MT) in February, attributed to buyers taking new positions to restock ahead of the summer season, reports mjunction, an online marketplace. This marked a rise from the 19.15 MT imported during the same period in FY23.
mjunction's data indicates that non-coking coal imports surged to 13.77 MT in February, up from 11.68 MT in the previous year, while coking coal imports slightly increased to 4.56 MT compared to 4.40 MT in February 2023.
The overall coal import trend for FY24 reveals a total of 244.27 MT, up from 227.93 MT in the corresponding period of the previous fiscal year, as disclosed by the online marketplace.
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Specifically, non-coking coal imports for the April-February period of FY24 stood at 160.63 MT, showing an increase from 148.58 MT in FY23. Coking coal imports during the same period reached 51.87 MT, rising from 50.50 MT recorded in April-February 2022-23.
mjunction's managing director and CEO, Vinaya Varma, noted that the uptick in volumes was due to buyers replenishing stocks in anticipation of the summer season and amidst a decline in seaborne prices.
Meanwhile, India's domestic coal production for the April-February period of FY24 amounted to 880.72 million tonnes.
Editing by Reiner Simanjuntak
