Newcastle coal futures were near $140 per tonne, approaching two-year lows of $125 touched on June 19th, tracking the broader decline in energy benchmarks and a more optimistic supply outlook. India’s Coal Ministry reported a remarkable surge in coal production during September 2023, reaching 67.21 million tonnes, reflecting a strong 15.81% increase compared to the same period in 2022. Coal India Limited (CIL) played a key role in this production boost, contributing 51.44 million tonnes in September 2023, marking a substantial 12.63% growth over September 2022. Furthermore, cumulative coal production for the fiscal year 2023-24 up to September, exhibited a significant rise reaching 428.25 million tonnes representing a 12.06% increase from the previous fiscal year 2022-23. Additionally, with easing whether conditions, demand for energy has subsided from its peak.
