India coal production rises 8.55% to record 223.36 million tonne in Q1FY24

livemint.com:

New Delhi: India’s coal production grew 8.55% year-on-year (YoY) to 223.36 million tonne (MT) during the June ended quarter of fiscal 2023-24, the ministry of coal said in a statement on Friday. “India’s coal sector achieved a remarkable milestone in the first quarter of FY 2023-24, by recording highest ever coal production at 223.36 million tonne (MT), representing a substantial growth of 8.55% compared to the production of 205.76 MT during the same period during FY 2022-23," the ministry said. Coal India Limited (CIL) clocked 175.48 MT of production between April and June, marking a growth rate of 9.85%YoY.

“The consistent upward trajectory in coal production highlights India’s commitment to meet its energy demands and drive sustainable economic growth," it added. While coal imports increased by 16.76% on year during April to May, as compared to the same period in the previous year, it is important to note that the rise was primarily due to the substantial decline in import prices. Import prices for coal plummeted by over 60% in the Q1 of FY24 from a year ago.

Consequently, the e-auction premium over the notified prices of CIL witnessed a significant reduction, declining from 357% in June 2022 to 54% in June 2023. “The premium on coal auction speaks of pulse of industry. The sharp decline in coal auction premium is indicative of adequate coal availability in domestic market.