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Slowdown in India Impacts Coal Import Cargo in H1 FY20 - ICRA

Coal News - Published on Fri, 20 Sep 2019

Image Source: moneycontrol.com
Rating agency ICRA said that the economic slowdown in India has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal growth of 1.9 per cent to 294 million tonnes. It said "The volume growth at major ports has been impacted by 4 per cent fall in coal volumes, 63.6 million tonnes vs 66.3 million tonnes, and some decline in fertiliser and liquid volumes.

Coal volumes at major ports grew 11 per cent in FY2019. Mr K Ravichandran, Senior Vice President and Group Head Corporate Ratings Icra said "The decline in imports is despite the fact that Coal India Ltd's dispatches have also fallen by 3 per cent during this period to 247 million tonnes from 241 million tonnes. Thus, the slowdown in coal imports is most likely attributable to the economic slowdown in recent months which has brought down the overall demand and is likely to impact the domestic port sector."

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Posted By : Rabi Wangkhem on Fri, 20 Sep 2019
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