As we discussed in Commodore Research's most recent Weekly Dry Bulk Report, Coal India produced a record 88.6 million tons of coal in March. This has marked a month-on-month increase of 13.8 million tons (18%) and a year-on-year increase of 5.1 million tons (6%). Overall, Coal India's production always jumps every March. Coal India’s production has now increased on a year-on-year basis during thirty-five of the last thirty-six months. The days of Coal India’s production missing expectations remains a thing of the past.
Offtake (amount sent to customers) totaled 68.8 million tons in March. This has marked a month-on-month increase of 3.5 million tons (5%) and a year-on-year increase of 4.6 million tons (7%). Coal India's offtake has now increased on a year-on-year basis during thirty-six of the last thirty-seven months, but March again saw offtake come in less than production. Each of the last five months have seen offtake come in less than production, and as a result Coal India’s stockpiles have continued to increase. The company’s coal pithead stockpiles have now climbed to approximately 91 million tons.
