India’s coal import up by 8% to 268 MT in FY24 as power demand rises

India's coal import surged by 7.7 percent to 268.24 million tonnes (MT) in FY24 facilitated by offshore prices and the likelihood of an increase in power demand during summer. The country's coal import was 249.06 MT in FY23, according to data compiled by B2B e-commerce company Mjunction Services.

The Coal import in March FY24 stood at 23.96 MT, over 21.12 MT in the corresponding month of the previous fiscal. The total volume accumulated in March 2024 bifurcates the non-coking coal import to be at 15.33 MT, against 13.88 MT in March FY23. While Coking coal import in March 2024 was 5.34 MT against 3.96 MT a year ago.

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"There was an increase in coal import volumes due to the continued softness in seaborne prices and expectation of a demand uptick during the summer season. However, as there is ample availability of domestic coal in the market, it is to be seen if import demand remains strong in coming months, "M junction MD & CEO Vinaya Varma said.

In FY24, non-coking coal import was at 175.96 MT, higher than 162.46 MT imported during FY23. Coking coal import was at 57.22 MT in 2023-24, against 54.46 MT in 2022-23. The Pan-India production during 2023-24 was at 997.25 MT, registering a growth of 11.65 percent over FY23.

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