India: Portside thermal coal stocks rise w-o-w amid increased arrivals

• Adani stocks dip, Agarwal Coal’s rise
• Lower sponge tags pressure down coal 

Thermal coal stocks at Indian ports rose almost 2% w-o-w to 15 million tonnes (mnt) in week 21 of CY’25, up from 15 mnt last week. The rise was largely due to increased arrivals at several ports, although demand remains subdued overall.

Port-wise inventory changes

Navlakhi Port recorded a sharp 18% jump in inventory to 0.92 mnt amid vessel arrivals. Tuna Port, operated by Kandla Port Trust, also saw a steep 20% increase to 0.35 mnt.

Haldia recorded a significant stock increase of 16% to 0.61 mnt, up from 0.53 mnt last week, amid steady inflows. Vizag’s inventory rose over 7% to 0.78 mnt, compared to the previous 0.73 mnt. Gangavaram stocks increased by 6% to 0.50 mnt from 0.47 mnt. Mangalore saw a 4% rise to 1.06 mnt, up from 1.03 mnt. In contrast, Paradip recorded a marginal decline of 2% to 1.70 mnt, down from 1.73 mnt last week.

However, sharp declines occurred at Jamnagar (down 27% to 0.31 mnt), Kakinada (down 17%), and Mundra (down 16%) due to dispatches or slower vessel unloading. Muldwaraka and Gopalpur also saw notable drawdowns.

Company-wise inventory trends

Agarwal Coal’s stocks increased by 7% to 1.33 mnt, likely due to fresh cargo arrivals. Adani Enterprises saw a marginal dip in inventory to 3.46 mnt from 3.48 mnt, indicating consistent offtake.

Market overview

South African thermal coal prices at Indian ports fell again w-o-w amid muted buying. RB2 (5500 NAR) dropped by INR 350/t to INR 7,900/t exw-Gangavaram, while RB3 (4800 NAR) declined by INR 250/t to INR 6,900/t. Paradip RB2 prices reached a four-year low. Inventories fell 2% w-o-w to 15 mnt. Export offers slipped by $1/t.

Sponge iron prices were also down to INR 24,800/t in Rourkela, putting further pressure on buying interest. The market outlook was uncertain amid weak demand as sponge players are the largest buyers of South African thermal coals.

Portside prices of Indonesian thermal coal in India dropped w-o-w due to bearish sentiments, rising vessel arrivals, and weak demand. At Kandla, BigMint assessed 5000 GAR to be down by INR 50/t to INR 7,750/t, while the 4200 GAR fell by INR 100/t to INR 6,100/t and to INR 6,000/t at Vizag. The 3400 GAR slipped by INR 50/t to INR 4,500/t at Navlakhi. Coal inventories at ports dropped to 15 mnt. Rainfall and minor port closures further curbed movement. Indexed prices also declined globally, led by a $1.18/t fall in 4200 GAR material. The market outlook remained subdued.