India's coal import rose by 7.7 per cent to 268.24 million tonne (mt) in FY24 driven by softness in seaborne prices and likelihood of increase in power demand during summer.
The country's coal import was 249.06 mt in FY23, according to data compiled by B2B e-commerce company mjunction services.
Coal import in March FY24 also rose to 23.96 mt, over 21.12 mt in the corresponding month of the previous fiscal.
Of the total volume recorded in March 2024, non-coking coal import stood at 15.33 mt, against 13.88 mt in March FY23. Coking coal import in March 2024 was 5.34 mt against 3.96 mt a year ago.
During FY24, non-coking coal import was at 175.96 mt, higher than 162.46 mt imported during FY23. Coking coal import was at 57.22 mt in 2023-24, against 54.46 mt in 2022-23.
"There was an increase in coal import volumes due to the continued softness in seaborne prices and expectation of a demand uptick during the summer season. However, as there is ample availability of domestic coal in the market, it is to be seen if import demand remains strong in coming months," mjunction MD & CEO Vinaya Varma said.
The all-India production of coal during 2023-24 was at 997.25 mt, registering a growth of 11.65 per cent over FY23.