India: Coking coal imports jump 45% m-o-m to hit 7-month high in Jan’25

• Imports rise 16% y-o-y in Jan
• SAIL leads among importers

India’s coking coal imports stood at 5.8 million tonnes (mnt) in January 2025, marking a substantial 45% jump from 4.0 mnt in December 2024 and a 16% increase from 5.0 mnt in January 2024, as per provisional data maintained with BigMint. The volume recorded is the highest since June 2024, which saw arrivals of 6 mnt.

Imports by source

• Australia maintained its position as the top supplier with 3.2 mnt in January 2025, up from 2.8 mnt in January 2024 (y-o-y) and from 2.4 mnt in December 2024 (m-o-m).
• Shipments from Russia saw a significant jump to 1.0 mnt in January 2025, compared to 0.2 mnt in January 2024 (y-o-y) and 0.7 mnt in December 2024 (m-o-m).
• Volumes from the United States increased to 0.8 mnt in January 2025, from 0.7 mnt in January 2024 (y-o-y) and from 0.4 mnt in December 2024 (m-o-m).
• Mozambique’s exports to India stood at 0.4 mnt in January 2025, up from 0.2 mnt in January 2024 (y-o-y) and 0.2 mnt in December 2024 (m-o-m).

Leading receivers

• SAIL remained the largest importer with 1.2 mnt in January 2025, compared to 1.3 mnt in January 2024 (y-o-y) and 0.7 mnt in December 2024 (m-o-m).
• JSW Steel followed with 1.1 mnt in January 2025, almost unchanged from 1.1 mnt in January 2024 (y-o-y) and up from 1.0 mnt in December 2024 (m-o-m).
• Tata Steel imported 0.8 mnt in January 2025, up from 0.7 mnt in January 2024 (y-o-y) and from 0.6 mnt in December 2024 (m-o-m).

Price trends

In January, Australian PHCC was assessed at $200/tonne (t), down 5% from December’s $210/t. Notably, in January 2024, prices were at $350/t, which implies that prices have almost halved over the year.

Last month, prices were affected by muted buying interest, wide bid-offer disparities, and weak steel tags. As shipments to India were limited, sellers quoted higher offers. However, buyers, refused to match these quotes, bidding far lower due to the ongoing depression in the steel market.

Additionally, Australian indexed prices were under stress due to limited inquiries from China amid the Lunar New Year holidays. China also implemented the sixth and seventh rounds of met coke price cuts last month, which precluded any attempt to lift coking coal offers.