India's Coal Imports Surge 8% To 268 Million Tonnes In FY24

New Delhi: In the fiscal year 2023-24, India's coal imports increased by 7.7 per cent reaching 268.24 million tonnes (MT). This rise was fueled by softening in seaborne prices and the possibility of an increase in power demand during the summer months.

As per reports by B2B e-commerce company mjunction services, in the fiscal year 2022-23, India’s coal import stood at 246.06 million tonnes (MT). In March of the fiscal year 2023-24, coal imports further increased to 23.96 MT over 21.12 MT in the same month of the previous fiscal year. Out of the total volume recorded in March 2024, the import of non-coking coal was 15.33 million tonnes (MT) compared to 13.88 MT in March FY23. (Also Read: Meet Woman Who Left Her Home At Young Age Of 15 With Just 300 Rs Now Owns Rs 104 Crore Company)

Coking coal import in March 2024 was 5.34 MT against 3.96 MT a year ago. During 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. (Also Read: Social Commerce Platform Meesho Raises $275 Million)

''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,'' mjunction MD & CEO Vinaya Varma said.

The all-India production of coal during 2023-24 was at 997.25 MT, registering a growth of 11.65 per cent over FY23. (With PTI Inputs)