Index of Industrial production grew more than 7% in December and February. Cement production was up 20%, steel production 5% and power generation 6% during December to February period as compared to the year before. This was all on a low base, as late 2016 and early 2017 was impacted by Demonetisation in November 2016. However, all this growth resulted in a 5% increase in coal demand over the same period. With several factors supporting India's growth story in 2018, we look at the potential impact of this demand on the seaborne market for thermal and metallurgical coal.