Business Other News 31 Oct 2022 Coal imports up 25% ...

Coal imports up 25% despite high output

FINANCIAL CHRONICLE | SANGEETA G
Published Oct 31, 2022, 1:20 pm IST
Updated Oct 31, 2022, 1:20 pm IST
Despite coal production hitting a new high in the first half of FY23 and international prices remaining elevated, coal imports grew 25 per cent. (Representational DC image)
 Despite coal production hitting a new high in the first half of FY23 and international prices remaining elevated, coal imports grew 25 per cent. (Representational DC image)

Chennai: Despite coal production hitting a new high in the first half of FY23 and international prices remaining elevated, coal imports grew 25 per cent.

Between April and August, coal imports went up to 115.9 mllion tonnes against 92.5 mt in the same period last year, registering a 25.3 per cent growth. The increase is mainly driven by non-coking coal, which forms more than 65 per cent of India’s coal imports. Non-coking coal imports grew to 80.6 mt against 60.9 mt, as per Care Ratings data.

Coal imports have increased despite the surge in international coal prices. As of July 2022, the global benchmark had crossed its all-time high price of around $300 per tonne in April and had reached $329 per tonne in July, before settling at $321 in September. The prices are expected to remain elevated owing to the heightened geopolitical tensions.

Domestic coal production too hit a fresh high. Production in the first half crossed 380 million tonnes, a jump of 21 per cent.

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