India: Coking coal imports drop 25% m-o-m in Feb’25

• Imports fall 6% y-o-y in Feb
• SAIL remains top importer

India’s coking coal imports stood at 4.22 million tonnes (mnt) in February 2025, marking a 25% decline from 5.7 mnt in January 2025 and a 6% decrease from 4.6 mnt in February 2024, as per provisional data from BigMint.

Imports by source

• Australia remained the leading supplier with 1.8 mnt in February 2025, down 47% from 3.4 mnt in January 2025 and 31% from 2.6 mnt in February 2024.
• Russia’s exports to India totalled 1.0 mnt in February 2025, up 43% from 0.7 mnt in January 2025 and 100% from 0.5 mnt in February 2024.
• The US supplied 0.8 mnt in February 2025. Volumes increased by 14% from 0.7 mnt in January 2025 but reduced by 11% compared to 0.9 mnt in February 2024.
• Mozambique shipped 0.2 mnt in February 2025, down 60% from 0.5 mnt in January 2025 but the same as 0.2 mnt in February 2024.

Leading receivers

• JSW Steel was the top importer, with 1.3 mnt in February 2025, up 30% from 1.0 mnt in January 2025 and 44% compared to 0.9 mnt in February 2024.
• SAIL followed with 0.7 mnt in February 2025, down 46% from both 1.3 mnt in January 2025 and 1.3 mnt in February 2024.
• Tata Steel imported 0.5 mnt in February 2025, down 38% from both 0.8 mnt in January 2025 and 0.8 mnt in February 2024.

Price trends

BigMint’s premium hard coking coal (PHCC) index was assessed at $200/tonne (t) CNF Paradip, India, on 28 February 2025 against $203/t CNF on 15 February. Notably, the index has been trending down since the beginning of CY’25.

Buyers exercised extreme caution amid the steady price decline. The market was in a state of uncertainty, highlighted a source from a western India-based steel mill.

Indicative prices were below $200/t CFR east coast India, and the market remains watchful of the impact of Cyclone Alfred in Australia, stated sources from an eastern India-based mill.