India's Coal Imports Grow By 13% In Feb 2024

India's coal imports witnessed a big rise in February 2024, recording a 13 percent increase compared to the same period in the previous fiscal year. According to data compiled by online marketplace mjunction, the country imported 21.64 million tonnes (MT) of coal in February, up from 19.15 MT in February 2023.

The composition of coal imports in February 2024 revealed a big uptick in non-coking coal imports, which reached 13.77 MT, an increase from 11.68 MT in the corresponding period last year. Coking coal imports also saw a slight rise, standing at 4.56 MT compared to 4.40 MT in February 2023.

For the April-February period of the fiscal year 2023-24, India's total coal imports surged to 244.27 MT, reflecting an upward trend from 227.93 MT in the same period of the previous fiscal year. Non-coking coal imports during this period amounted to 160.63 MT, while coking coal imports stood at 51.87 MT.

Commenting on the increase in import volumes, Vinaya Varma, the Managing Director and CEO of mjunction, attributed the surge to buyers replenishing stocks ahead of the summer season. Varma also noted that the softening of seaborne prices may have played a role in encouraging higher import volumes.

Meanwhile, despite the rise in imports, India maintained its significant domestic coal production. According to data, the country produced 880.72 million tonnes of coal during the April-February period of the fiscal year 2023-24.