As we discussed in Commodore Research's most recent Weekly Executive Report, Coal India produced approximately 49 million tons of coal last month (Coal India is responsible for over 75% of India’s coal production). This is down month-on-month by 1.4 million tons (-3%) and is down year-on-year by 1.9 million tons (-4%). Coal India’s output has now contracted on a year-on-year basis during seven of the last nine months. During these seven months, Coal India’s output has contracted year-on-year by 2.7% while India’s coal-derived electricity generation contracted by 3.6%.
Offtake (the amount sent to customers) totaled 53.6 million tons, which is down month-on-month by 3.1 million tons (-6%) and down year-on-year by 800,000 tons (-2%). Offtake has now exceeded production for six straight months. Previously, it had come in under production for six straight months.
Stockpiles have fallen again with offtake again exceeding production. They now stand at approximately 92 million tons. This is 23 million tons (-20%) less than March’s record 115 million tons but is up year-on-year by 24 million tons (35%).
