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India's coal imports in FY24 increased by 7.7% to 268.24 MT, fueled by lower seaborne prices and expected summer demand. Non-coking coal imports stood at 175.96 MT, and coking coal imports reached 57.22 MT, reflecting a significant rise.
India's coal import surged by 7.7% to 268.24 million tonnes (MT) in the fiscal year 2023-24, compared to 249.06 MT in FY23. The rise in coal import volumes is attributed to the continued softness in seaborne prices and the expectation of increased demand during the summer season.
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Coal imports in March FY24 rose to 23.96 MT, marking a noticeable increase from 21.12 MT in the corresponding month of the previous fiscal year.
In March 2024, non-coking coal imports reached 15.33 MT, a rise from 13.88 MT in March FY23. For the entire FY24, non-coking coal imports stood at 175.96 MT, higher than the previous fiscal's 162.46 MT.
Coking coal import in March 2024 was 5.34 MT, up from 3.96 MT a year ago. In FY24, coking coal imports reached 57.22 MT, compared to 54.46 MT in FY23.
Despite the rise in imports, India's coal production during 2023-24 also witnessed growth, reaching 997.25 MT, a significant increase of 11.65% over FY23.
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While the import demand surged due to favourable pricing and seasonal demand, the availability of domestic coal may influence import trends in the coming months.
Sources:
https://www.business-standard.com/industry/news/india-s-coal-import-surges-8-to-268-mt-in-fy24-due-to-rise-in-power-demand-124051200141_1.html
https://zeenews.india.com/economy/indias-coal-imports-surge-8-to-268-million-tonnes-in-fy24-2748717.html
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