Data gathered by Iman Resources through its sources at Indian ports reveals that India imported 7.314 MMT of thermal coal in June 2020, a 47.5% decline from 13.933 MMT imported in June 2019.
The imports of thermal coal, for the first six months (Jan – Jun) of 2020 are 74.552 MMT a decline of 21.32% from the 94.755 MMT imported in the same period last year.
India’s imports of thermal coal reached a high of 17.2 MMT n the month of February 2020 and since then we have seen steep decline in imports to 14.68 MMT in March, 11.62 MMT in April, 8.42 MMT in May and finally 7.31 MMT in June.
However, this decline in imports has been because of steep contraction in the Indian economy in the April to June quarter because of the Covid-19 induced lockdown and the gradual reopening of the economy from early June.
The lower imports and the gradual restarting of economic activity has contributed to reducing stock levels of coal across the system.
Total solid fuel stocks reduced by over 10 MMT in June 2020 with Coal India reducing its stocks, power plants reducing their stocks and stocks being drawn down at the ports as well. (Read: stock analysis story posted earlier)
Thermal coal stocks at various ports of India totaled 23.82 MMT at the end of May and 19.76 MMT at the end of June, a reduction of about 4.06 MMT.
The stock drawdown shows that dispatches from Indian ports stood at 11.37 MMT in the month of June which is an improvement over 8.61 MMT dispatched in the month of May 2020.
This is encouraging evidence as typically the month of June would see a seasonal decline as the monsoon sets in.
This analysis has been compiled by obtaining data from Iman Resources’ sources.
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