Combined stocks of thermal coal at 101 Indian power plants rose another 2.3% on the week to 37.9 million mt, a new record high that was 5.1% higher than a month ago and 59.9% above levels seen at the same time last year, according to data released Friday by India’s Central Electricity Authority.
Stock levels have been climbing to new record highs almost continuously since the end of December.
The data showed the power plants had enough supply for 27 days of coal burn, up from 24 days a month ago and 16 days a year ago.
No plants have had less than a week’s supply or less than four days worth of consumption since January 13, which compared to 11 with less than a week’s worth of stock a year ago and 2 with less than four days worth of consumption on March 16, 2015.
The volume of imported coal on the stock was stable on the month, but 10.4% lower than the same time last year. Good domestic supply, fluctuating prices of seaborne cargoes, rising dry bulk freight rates and credit issues have been dampening Indian buying demand of imported thermal coal, according to sources.
Source: PlattsPrevious Next