* Thermal coal stocks at Indian ports drop
* Tata/CGPL stocks at Mundra rose by more than twofold
Thermal coal stocks across 21 Indian ports drop by 5% w-o-w on 27 February, 2024, according to BigMint data. During week 8 of 2024, thermal coal stocks at Indian ports stood at 13.47 million tonnes (mnt) compared to 14.16 mnt in week 7, reflecting an increase of 5% w-o-w.
Thermal coal stocks at 21 Indian ports decreased by 5% w-o-w. This decline can be attributed to tepid demand from India due to an increase in domestic thermal coal production. Furthermore, the reduced demand for Indonesian coal from India can be traced to an increase in domestic production within India and supply constraints in Indonesia caused by rainfall, leading to diminished exports to India.
Adani Enterprise witnessed drop in coal stocks of nearly 10% at Dhamra port during week 8 of calendar year 2024 (CY24), reaching 0.37 mnt. Tata/CGPL stocks increased by more than twofold w-o-w, reaching 0.33 mnt at Mundra port.
At Dahej, Hindalco Industries stocks dropped by 4%, reaching 0.9. At Gangavaram, Jindal steel and power stocks plunged by 67% to 0.012 mnt during the reviewed week.
Dhamra port recorded a drop of 7% w-o-w, with coal stocks reaching 1.41 mnt, compared to 1.52 mnt last week. Coal stocks at Mundra port increased by 14% totalling 1.29 mnt. Thermal coal stocks at key ports like Dahej (0.96 mnt) and Krishnapatnam (0.92) experienced an 8% and 6% drop w-o-w. At Hazira (0.80 mnt), stocks decreased by 10% during the reviewed week.
Adani Enterprise reported total stocks of 4.08 mnt, down by 5% w-o-w. Adani Power reported total stocks at 1.42 mnt, down by 8% w-o-w. Agrawal Coal (up by 3%) and Tata Steel (up by 30%) had stocks of 0.80 mnt and 0.52 mnt, respectively.
Outlook
Coal stocks may increase in the coming week as demand from India for Indonesian coal is expected to rise from the second half of March once summer sets in completely. There has been an uptick in demand this week for South African coal from India, which may further support an increase in coal stocks at ports.