- June 2020 was another month of declining imports of all solid fuels and met coal from all origins. February was the month of highest imports in India in 2020 and since March, we have seen a continuous slide in imports of all solid fuels.
- Imports have fallen to multi year lows. June 2020 imports are the lowest seen since Jan 2013
- We have passed the half-way mark for the year and while some areas of the economy are returning to last year levels, consumer confidence and spending continue to remain low.
- The entire economy was at standstill in April and recovered slowly in May. This is reflected in the Manufacturing PMI number which plummeted to 27 for the month of April and 30.80 in May 2020. There has been a further improvement in June with the Manufacturing PMI improving to 47.20 which suggests that manufacturing is still contracting, but at a slower pace.
- The services PMI number fared even poorer with the number coming in at 5.40 in April and recovered to 12.6 in May 2020.. This too has improved in June to 33.70 but has a longer way to go before we can say that services are growing again. A number over 50 will signify a return to growth.
- Because of the lower imports, the total inventory of Coal and Coke (Including PCI, MetCoke, Petcoke and Anthracite) at the various 37 ports in India reduced by 5.63 Million Matric Tons (MMT) at the end of June 2020 at a level of 27.85 MMT.
- At the end of June 2020, Coal India had an estimated 75 MMT of inventory at the pit heads and Indian power plants had 47.16 MMT of inventory at the respective thermal power plants across India.
Iman Monthly Report - June
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This analysis has been compiled by obtaining data from Iman Resources’ sources.
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