India: Thermal coal stocks at ports rise 4% further w-o-w

• Goa posts sharpest rise in inventory w-o-w
• Vizag, Tuna, Paradip record notable stock dips

Thermal coal inventories at Indian ports rose further by 4.3% to 16 million tonnes (mnt) in week 24 of CY’25, up from 15.35 mnt recorded in the previous week. The increase came amid improved vessel arrivals at some ports, especially Goa, where Adani Enterprises and JSW Steel cargoes were unloaded.

Port-wise inventory trends

Goa recorded the steepest weekly rise significantly to 0.28 mnt from a low base of 0.02 mnt last week, owing to fresh cargo arrivals. Gopalpur also saw a sharp 104.5% increase to 0.13 mnt. Gangavaram, Krishnapatnam, and Mundra witnessed significant increases of 33.9%, 38.5%, and 34.0%, respectively. Other ports such as Dahej (up 33%) and Kakinada (30.6%) also reported noticeable gains.

Meanwhile, inventory at Vizag dropped by 10.7% to 1.09 mnt, while Paradip, Navlakhi, and Tuticorin posted moderate declines of 5-6%. The Tuna Terminal — part of Adani Ports & Logistics — aw a sharp fall of 23.9%, followed by Haldia and Muldwaraka with 18%+ drop each.

Company-wise inventory

Adani Enterprises’ stock edged up 2.2% w-o-w to 3.09 mnt, in line with the arrivals at Goa. On the other hand, Agarwal Coal’s inventory slipped by 3.3% to 1.29 mnt, suggesting slower replenishments.

Market overview

South African thermal coal prices at Indian ports declined again this week due to weak demand, better domestic availability, and freight pressure from rising crude oil prices. RB2 (5500 NAR) fell by INR 100/t to INR 7,700/t at Gangavaram, while RB3 (4800 NAR) dropped by INR 50/t to INR 6,800/t. At Vizag, RB2 was assessed at INR 7,650/t and RB3 at INR 6,650/t. Around 55,000 t of RB2 was traded at INR 7,4507,600/t at Dhamra and Gangavaram. Sponge iron prices continued to drop amid sluggish billet and steel trends.

Indonesian thermal coal prices at Indian ports remained flat this week, pressured by weak industrial demand, better domestic coal availability, and higher vessel arrivals. BigMint’s 13 June 2025 assessment showed 5000 GAR prices at INR 7,700/t (Kandla) and INR 7,600/t (Vizag), while 4200 GAR stood at INR 6,050/t (Kandla) and INR 5,950/t (Vizag). The 3400 GAR grade was unchanged at INR 4,500/t (Navlakhi).