Kolkata, March 1 (PTI) Coal India’s production and purchasing remained subdued in February due to lower demand and robust inventories of 78 million tons, sources said on Monday.
The mining major is likely to be in February showed a provisional dry fuel production of 61.8 million tons compared to 66.26 million tons in the corresponding month of the previous year, which corresponds to a decrease of 6.6 percent.
On a monthly basis, the production decline was greater in February than in January, when it was down 4.1 percent.
The decrease in the reporting month is likely to be around 51.2 million tons, compared with 54.9 million tons in the same period of the previous year.
« Demand is not picking up as expected. Even after a 24 percent inventory dilution discount offered by Bharat Coking Coal, the move isn’t as attractive. Inventory was still 1.6 million tons, compared to 2.5. » Million tons a year discount was announced, « one of the sources told PTI.
The miner’s cumulative dry fuel production for the period April to February of the current fiscal year is expected to be 515 million tonnes, compared to 517 million tonnes in the corresponding eleven months of the previous year.
Electricity consumption was nearly 111 billion units in January. The state fuel retailers, which dominate 90 percent of the market share, posted a 5 percent drop in sales compared to the previous month.
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