India's Coal Import Rises 5% In April- May FY24

India's coal import rose 5.3% to 52.29 million tonnes 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.

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% 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.

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.

Coal India accounts for over 80% 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.