India's coal import rises 8% to 268 million tonne in FY24.
India's coal imports surged 7.7% in FY24, hitting 268.24 MT, driven by global price softness and summer demand. Domestic production rose 11.65% to 997.25 MT in 2023-24.
In FY24, India experienced a 7.7% surge in coal imports, reaching 268.24 million tonnes (MT). This increase was propelled by the favorable trend in global prices and the anticipated rise in power demand during the summer months. According to data gathered by mjunction services, coal imports stood at 249.06 MT in FY23. Notably, March FY24 witnessed a notable uptick in imports, with volumes reaching 23.96 MT compared to 21.12 MT in the previous fiscal year. Within this, non-coking coal imports accounted for 15.33 MT, up from 13.88 MT in March FY23, while coking coal imports rose to 5.34 MT from 3.96 MT during the same period. Over the entire FY24 period, non-coking coal imports amounted to 175.96 MT, a rise from 162.46 MT in FY23, while coking coal imports reached 57.22 MT, up from 54.46 MT. Vinaya Varma, MD & CEO of mjunction, attributed this increase to persistent low seaborne prices and the expectation of heightened demand during summer, though the availability of domestic coal may influence future import trends.
In parallel, India's coal production in 2023-24 reached 997.25 MT, marking an 11.65% growth compared to FY23.
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