Combined stocks of thermal coal at 101 Indian power plants rose to a new record of 32.8 million mt Thursday, up 12% month on month and more than double the 14.7 million mt on stock at the same time last year, according to data released Monday by India's Central Electricity Authority.
Stock levels reached a previous record high of 30.63 million mt on August 23, but dropped to 23.7 million on October 28, before reaching a new all-time high of 30.8 million mt on December 28, with levels increasing since.
The data showed Indian power plants had enough supply for 24 days of coal burn Thursday, up from 22 a month ago and 10 at the same time last year.
CEA's data showed there were no Indian power plants with less than a week's supply of coal Thursday, compared with two a month ago and 30 on January 14, 2015.
There were also no power plants with inventories lasting less than four days of consumption, unchanged from last month and dropping from 14 a year ago.
The data also showed that, of the current coal stocks, 1.7 million mt was imported coal, falling 21.4% on the month and 6.5% lower year on year.
There has been some subdued interest from Indian thermal coal buyers for imported material due to low prices, although deals have been scarce due to increasing domestic production, according to sources.
