Coal imports decline 24% in August on a yearly basis

Posted by Daily Shipping Times on 20-09-2017        Tweet

NEW DELHI: Coal import in August declined 24 per cent on a yearly basis as Indian buyers preferred not to buy any fresh fossil fuel and instead wait and watch ahead of an upcoming auction for the power sector.

The drop in coal import comes as the stocks at power plants have thinned due to short supply and higher power generation. “Coal import (all types of coals) in August 2017 stood at 14.97 million tonnes (mt) (provisional), against 19.75 mt in August 2016,” said Mjunction Services, an e—auction joint venture between Tata Steel and SAIL. Mjunction CEO Vinaya Varma said that the Indian buyers took a wait-and-watch approach as spot prices held firm following supply disruptions in Australia and other markets.