The nation’s annual coal production climbed 9% for the recent Indian financial year to 612 million tonnes, the highest growth rate on record, with state-owned Coal India chalking up 7% year-on-year growth.

Thermal coal stockpiles at Indian power plants, recently estimated to equate to about 20 days of consumption (the highest since March 2008) by Macquarie Wealth Management, have dimmed hopes that Indian demand could help save the price-suffering commodity.

However, the coal block auction process which has caused considerable controversy in India, might also provide a window for further exports before Indian production ramps up again.

“While system production would likely come down in the next few months, as the auctioned coal mines change hands, we expect production to pick up again from 2HFY16,” JPM said in a report last week.