India: Portside prices of Indonesian thermal coal trend upward w-o-w as demand recovers

• Stronger dollar supports Indian portside tags
• Indonesian indices show mixed trends w-o-w

Indonesian non-coking coal prices at Indian ports trended upward w-o-w, supported by a strengthening dollar and a rebound in demand from industrial sectors in India.

At Indian ports, coal price movements across different grades were mixed on a w-o-w basis. At Kandla, 5000 GAR coal saw an increase of INR 50/t, to INR 7,650/t, while high-GCV 5000 GAR at Vizag rose INR 100/t, to INR 7,600/t. On the other hand, prices of 3400 GAR coal at Navlakhi remained steady at INR 4,500/t, while 4200 GAR coal at Kandla held firm at INR 5,850/t. Likewise, 4200 GAR at Vizag remained unchanged at INR 5,750/t.

BigMint’s data reveals that non-coking coal inventories at Indian ports inched up by 1%, to 13.76 million tonnes (mnt) in week 6 of 2025 from 13.66 mnt in the previous week.

Meanwhile, the Indonesian low-calorific value (CV) thermal coal market continued to face pressure due to an uncertain price outlook, which led to increased interest in index-linked trades. Despite a post-Lunar New Year uptick in coal consumption at Chinese coastal utilities, demand for seaborne coal has yet to show any significant improvement. However, logistical issues and loading delays in Indonesia’s Kalimantan region, exacerbated by heavy rainfall, tightened supply, providing support to the market.

On the global front, Indonesian indexed coal prices showed mixed trends. High-CV 5800 GAR coal decreased by $0.32/t to $86.10/t, while mid-CV 4200 GAR coal rose by $0.22/t to $48.70/t. Low-CV 3400 GAR coal saw an increase of $0.56/t, to $30.06/t, all on a free-on-board (FOB) basis.

Outlook

Indian prices may move up as demand increases. However, the outlook for the Indonesian non-coking coal market is uncertain. While demand from India may support non-coking coal prices, price volatility and logistical challenges will likely persist in the low-CV thermal coal market. A rebound in Chinese consumption may boost sentiment, but its impact on seaborne coal demand is unclear, with weather disruptions in Indonesia potentially limiting supply.