Thermal coal stocks at Indian ports up on pocket of demand seen in the market.
Adani Power’s coal stocks at Mundra port rose by 45%.
Thermal coal stocks across 21 Indian ports rise by 5% w-o-w on 21 February, 2024, according to BigMint data. During week 7 of 2024, thermal coal stocks at Indian ports stood at 14.16 million tonnes (mnt) compared to 13.50 mnt in week 6, reflecting an increase of 5% w-o-w.
Thermal coal stocks at 21 Indian ports increased by 5% week-over-week. This rise is anticipated due to some buying levels seen in by Indian end users in South African-origin coal lately, driven by attractive prices and some inquiries from industries such as cement and steel. Additionally, the eased supply from Indonesia has contributed to the increase imports results, in coal stocks at ports.
Adani Enterprise witnessed a drop in coal stocks by 11% at Dhamra port during week 7 of February 2024, reaching 0.41 mnt. At Mundra, Adani power stocks rise by 45%, reaching 0.51. At Gangavaram, NMDC (Down by 14%) and RINL (Up by 61%) stocks reaching at 0.18 mnt and 0.51 mnt, respectively.
Dhamra port coal stocks have remained nearly stable w-o-w, stocks reaching at 1.52 mnt, compared to 1.51 mnt last week. Coal stocks at Mundra port plunged by 5% totaling 1.13 mnt. Thermal coal stocks at key ports like Tuticorin (1.41 mnt) experienced a 6% drop w-o-w. At Krishnapatnam (0.99 mnt), stocks increased by 19% during the reviewed week.
Adani Enterprise reported total stocks of 4.29 mnt, rise by 37% w-o-w. Adani power reported total stocks at 1.54 mnt, increased by 63% w-o-w. Agrawal coal (down by 4%) and JSW (Up by 42%) had stocks of 0.77 mnt and 0.42 mnt, respectively.
Outlook
It is anticipated that coal stocks will see an uptick in the upcoming week, attributed to the increased interest of Indian buyers in South African-origin coal. This interest uptick is supported by attractive pricing and increased inquiries from industries such as cement and steel. Additionally, the recent easing of supply conditions in Indonesia further bolsters this expectation of increased coal stocks.