Coal India's Stockpiles Continue To Decline

Coal India (which is responsible for over 75% of India’s coal output) produced approximately 67.2 million tons of coal last month. This is up month-on-month by 13.7 million tons (26%) and up year-on-year by 10.8 million tons (19%). Production has now increased year-on-year for two straight months. Previously, it had contracted on a year-on-year basis during five of the prior six months.

Offtake (the amount sent to customers) totaled 70.3 million tons. This is up month-on-month by 9.1 million tons (15%) and up year-on-year by 12 million tons (21%). Offtake has now increased on a year-on-year basis for six straight months. Previously, it had contracted on a year-on-year basis in seven of the prior eight months.

With offtake again coming in above output, India’s stockpiles have fallen further. They now stand at approximately 85 million tons. This is down month-on-month by 3 million tons (-3%) and down year-on-year by 5 million tons (-6%). Prior to the last seven months, stockpiles had increased for five straight months. Stockpiles are at their lowest level since January 2025.

This story was originally published by Breakwave Advisors. Read the full story at Breakwave Advisors →