Consider the following statements regarding ‘National Coal Index(NCI)’:
Statement-I: The National Coal Index has shown a significant decline of 33.8% in May 2023 at 157.7 points compared to May 2022, where it was at 238.3 points.
Statement-II: The decline trend indicates a strong supply of coal in the market, with sufficient availability to meet the growing demands.
Which one of the following is correct in respect of the above statements?