India’s ICRA Ltd, a unit of Moody’s Investors Service Co, said on Monday it expects the energy hungry nation’s thermal coal imports to be more than 200 million tonnes in 2019/20, due to lower-than-expected production by state-run Coal India Ltd.
ICRA said it expects Coal India, which has missed annual production targets over the last few years, to fall short of its 2019/20 production forecast of 660 million tonnes by up to 75 million tonnes. India’s thermal coal imports rose 13.7% to 183.4 million tonnes during the year ended March 2019, according to government data.
Coal India’s output for the six months ended September 2019 has fallen 6%, mainly due to the highest monsoon rainfall in 25 years and strikes by its workers over issues ranging from mine safety to the privatisation of the company.
A senior Coal India official told Reuters on Friday the company expects to meet production targets by ramping up output at mines not adversely affected by heavy rainfall. Read More
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