India's Coal Import Rises 5% To 52 MT In April-May

India's Coal Import Rises 5% To 52 MT In April-May

The country's coal import was 49.62 MT in April and May in FY24, according to data compiled by mjunction services ltd -- a B2B e-commerce platform from a joint venture between Tata Steel and SAIL.

PTIUpdated: Sunday, July 07, 2024, 02:00 PM IST
article-image
However, coal import in May dropped marginally to 26.19 MT, from 26.57 MT a year earlier. | Photo: Unsplash

India's coal import rose 5.3 per cent to 52.29 million tonnes (MT) in the first two months of the ongoing fiscal as against the year-ago period.

The country's coal import was 49.62 MT in April and May in FY24, according to data compiled by mjunction services ltd -- a B2B e-commerce platform from a joint venture between Tata Steel and SAIL.

However, coal import in May dropped marginally to 26.19 MT, from 26.57 MT a year earlier.

"Coal imports... were down 1.43 per cent as against 26.57 MT imported in May 2023," it said.

According to mjunction MD and CEO Vinaya Varma, the demand for imports is likely to remain subdued in the coming weeks due to the onset of monsoon while the production growth should stay healthy in the domestic market.

According to mjunction MD and CEO Vinaya Varma, the demand for imports is likely to remain subdued in the coming weeks due to the onset of monsoon while the production growth should stay healthy in the domestic market. | Photo Credit: Pixabay

India's Coal Import At 5.03 MT

According to mjunction MD and CEO Vinaya Varma, the demand for imports is likely to remain subdued in the coming weeks due to the onset of monsoon while the production growth should stay healthy in the domestic market.

Also, coking coal prices are expected to move up in the seaborne market due to supply tightness and this may impact buyers' interest in the country.

Of the total imports in May, non-coking coal imports stood at 17.53 MT, against 18.10 MT imported in May last year. Coking coal import volume was 5.03 MT, against 5.10 TMT imported in May 2023.

After taking charge as coal and mines minister, G Kishan Reddy had said India should increase domestic production of the fossil fuel and reduce coal imports.

After taking charge as coal and mines minister, G Kishan Reddy had said India should increase domestic production of the fossil fuel and reduce coal imports. | Representative Image

'No Coal Shortage'

Coal India accounts for over 80 per cent of domestic coal output.

After taking charge as coal and mines minister, G Kishan Reddy had said India should increase domestic production of the fossil fuel and reduce coal imports.

Reddy had said that 10 years ago there was coal shortage in the country which resulted in electricity shortage. But in the last 10 years there has been sufficient power availability, he said.

RECENT STORIES

Union Budget 2024: From Job Creation To Infrastructure Improvement, Here's What Gen Z Wants

Union Budget 2024: From Job Creation To Infrastructure Improvement, Here's What Gen Z Wants

EPFO Hits Record High With 19.50 Lakh Net Additions In May 2024

EPFO Hits Record High With 19.50 Lakh Net Additions In May 2024

Sporty Elegance: Porsche Launches Panamera GTS in India

Sporty Elegance: Porsche Launches Panamera GTS in India

The Rise Of Indian Startups: Insights From Visionary CEOs On The Ecosystem And Funding Trends

The Rise Of Indian Startups: Insights From Visionary CEOs On The Ecosystem And Funding Trends

Modi 3.0 Budget 2024: A Look Back At India’s Finance Ministers Through The Years

Modi 3.0 Budget 2024: A Look Back At India’s Finance Ministers Through The Years