India Slashes Coal Imports by 21% Amid Surge In Prices

New Delhi, Dec 26 (KNN) India has curtailed its coal imports, experiencing a significant 21 per cent quarter-over-quarter and 17 per cent year-over-year reduction, according to the Q4-2023 edition of the coal research report by LSEG Workspace.

This decline, particularly evident in the thermal coal sector, is a response to the sharp increase in seaborne prices for low and mid-CV thermal coal.

India, recognised for its price-sensitive import strategy, has been realigning its coal procurement strategy to navigate the shifts in the global market.

The report also sheds light on mixed trends in coking coal imports, crucial for steel production.

Although there was an 11 per cent decrease in coking coal imports over the three months ending in September, a year-over-year increase of 3 per cent indicates the intricate dynamics influenced by fluctuating global prices.

Regarding coal import origins, a notable 17 per cent sequential reduction in coal imports from Australia, India's primary supplier, was observed, even though year-over-year figures remained unchanged.

Russian coal imports experienced a 16 per cent decrease from the previous quarter but saw a remarkable 56 per cent increase compared to the previous year.

Additionally, imports from the United States increased by 8 per cent in the third quarter, although they faced a 7 per cent decrease year-over-year.

Amidst these shifting dynamics, India's crude steel production demonstrated a significant upswing.

The country recorded a 15.1 per cent year-over-year growth in crude steel production in October, marking a 12.1 per cent increase year-to-date, following a 5.5 per cent rise in 2022.

(KNN Bureau)