India's Coal Sector Records New High Of 223.36 Million Tonnes; 8.55% Growth From Previous Year
India's coal sector reached new heights in the first quarter of FY2023-24, achieving the highest-ever coal production of 223.36 million tonnes (MT), representing a substantial growth of 8.55 per cent compared to the production of 205.76 MT during the same period in the previous fiscal year.
Coal India (CIL), the country's leading coal producer, played a pivotal role in this achievement by registering a production of 175.48 MT between April and June 2023. Reflecting a growth rate of 9.85 per cent compared to the corresponding period of the previous year when the production stood at 159.75 MT.
While coal imports witnessed an increase of 16.76 per cent during April to May 2023, in comparison to the same period in the previous year, the primary reason behind this surge was the substantial decline in coal import prices. Import prices for coal plummeted by over 60 per cent in Q1 of FY 2023-24 compared to the same period in FY 2022-23.
As a result of this decline in import prices, the e-auction premium over the notified prices of CIL has seen a significant reduction, dropping from 357 per cent in June 2022 to 54 per cent in June 2023. The shift in import prices has played a pivotal role in the import of coal.
The press release stated that there is currently enough stock of coal available in the country, amounting to 107.15 MT by the end of June 2023. This stock includes 67 MT with coal companies, 33.61 MT with Thermal Power Plants (DCB), and 6.54 MT at private washeries/good shed siding/ports. Indicating a substantial growth of 37.62 per cent compared to the same period of the previous year. This ensures a stable supply for various sectors dependent on coal, thus contributing to the overall energy security of the nation.
