On July 18, 2023, Coal India shares declined in price as global coal prices were at two years low at $130 per tonne. Coal India opened at Rs 229.70 per share on the NSE after closing at Rs 230.20 on July 17. The stock opened at Rs 229.10 per share on the BSE after closing at Rs 230.15 on July 17.

Conversion from coal to gas in Europe amid cheaper gas prices and the upsurge in coal supply from India, Indonesia, and Australia are the main reasons for coal hitting a two-year low. Countries like Australia have augmented their exports by an estimated 7.8%, while Indonesia’s exports grew by an estimated 2.4%.

In 2022, coal prices hit high in September, reaching $457 a tonne. The coal price has declined in 2023, starting from $400 per tonne in January, reaching $125 a tonne in June, to hitting a two-year low price of $130 in July.

One-third of the world’s energy cohort demand is met using coal. Asia’s coal imports have amplified by an estimated 2.3% to 852 million tonnes.

India’s coal manufacture for FY23 stood at 893.08 million tonnes. The Coal ministry has set a 1,012 million tonne target for FY24.

With plans to export fossil fuel, the Centre plans to tap foreign markets for Indian coal as internal production sets new records, Union Minister of Parliamentary Affairs, Coal, and Mines, Pralhad Joshi said. The Union Minister said India already exports 2 million tonnes of coal to its neighbouring nations.