Indian power plant coal stocks hit 7-month high at 12.3 million mt
(Platts) Overall thermal coal stocks at Indian power stations have risen to their highest since August 2011, as the country continues to replenish supplies, according to data released by the country's Central Electricity Authority Tuesday.
As of March 8, total stocks were 12.3 million mt, up from 10.3 million mt a month earlier. The total, which includes 453,000 mt of imported coal, is enough for an average of 10 days supply, the CEA said.
In mid-November Indian power station coal stocks slumped to below 7.5 million mt, their lowest for several years.
The number of Indian power plants with less than a week's supply of coal has dropped to 32 -- down from 38 a month earlier. Of these 32 power stations, 17 had a "super-critical" level of stocks remaining to run for less than four days.
The CEA recommends at least 22 days as the adequate level for thermal power plants.
An expected ramp up in Indian spot buying of imported coal in the first quarter has largely failed to materialize, with traders citing ample supplies at discharging ports.
Platts CFR West Coast India 90-day prices basis 6,300 kcal/kg closed at $121.75/mt Monday, just $1.05 up from a 12-month low set in mid-December.