Global coal demand is expected to remain stable until 2024 as growth in Asia offsets weaker demand from Europe and the United States, the International Energy Agency (IEA) said.
“Despite the growth in low-carbon fuels in recent decades, the reality is coal remains a major fuel in global energy markets … the world consumes 65% more coal today than in the year 2000,” the report by the Paris-based agency said.
World coal demand is expected to expand at a compound annual growth rate of 0.5%, reaching 5,624 million tonnes of coal equivalent (Mtce) in 2024, the IEA said.
An increase is predicted for India, with demand rising by 4.2% a year to 748 Mtce in 2024 from 585 Mtce in 2018, boosted by a rise in coal-fired power output, the IEA said.
According to IMF Chief Economist Gita Gopinath, IMF likely to significantly cut India’s growth estimates in January.
IMF currently projects India to grow at 6.1% in 2019 and 7% in 2020. She said the growth in India relies quite heavily on government expenditure, while on the other hand, investment has slowed very strikingly and consumption growth, while still holding up, is slowing.
The US ratings multinational revised downwards its growth forecast for India to 4.9 % from 5.8% in 2019 -20. It also lowered the growth forecast for FY2020-21 to 6.3% from an earlier prediction of 6.6%.
Moody’s said in a report that the deceleration began as an investment-led slowdown, and now broadened into consumption, with financial stress among rural households and weak job creation among the key drivers of the weaker conditions.
ArcelorMittal said that it has completed the acquisition of Essar Steel India Limited (ESIL), which at Rs 42,000 crore is the largest stressed-asset deal to be closed in the country. The Mittal family scion Aditya Mittal would lead the venture, according to the sources.
It also announced the establishment of a joint venture, with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited (AM/NS India), which will own and operate Essar Steel.
Captive Power Plants (CPPs) in Odisha are in the throes of a severe coal crunch as production from the subsidiary of Coal India Ltd (CIL), Mahanadi Coalfields Ltd (MCL), has declined steeply for the months of September and October.
On an average, CPP-based industries are getting less than 50% of the coal against secured linkages and annual contracted quantity .