India: Thermal coal port stocks ease marginally w-o-w

• Gangavaram, Haldia, Tuna log sharp inventory declines
• Imported South African coal portside prices drop w-o-w

Portside thermal coal inventories in India recorded a marginal weekly decline, falling to 15.87 mnt during week 25 of CY’25 from 16 mnt in the previous week. The reduction was driven by subdued arrivals at select ports, despite some locations witnessing fresh replenishments.

Port-wise inventory trends

A notable drop was seen at Gangavaram, where stocks slipped to 0.32 mnt from 0.42 mnt, marking a steep 24.7% fall. Haldia also registered a significant decline, with inventory decreasing to 0.27 mnt from 0.36 mnt, down 22.8% w-o-w. Tuna terminal recorded a sharp 34.3% drop to 0.15 mnt, while in Mangalore stocks fell to 0.83 mnt from 0.87 mnt, down 4.9% w-o-w.

On the other hand, Vizag witnessed an increase in stocks to 1.17 mnt from 1.09 mnt, up by 7.0%. Paradip also saw a moderate rise, with stocks edging up to 1.54 mnt from 1.52 mnt. Kandla reported a rise to 1.26 mnt from 1.16 mnt, up by 8.9%, while Dahej increased to 0.75 mnt from 0.69 mnt.

Company-wise inventory

Adani Enterprises’ inventory stood at 3.05 mnt, slightly lower than 3.09 mnt recorded the previous week. Agarwal Coal’s stock also dipped marginally to 1.27 mnt from 1.29 mnt, indicating relatively stable supply flow but limited fresh intake.

Market overview

South African thermal coal prices dropped again at Indian ports this week due to sluggish demand and increased stock levels. RB2 (5500 NAR) fell by INR 100/t w-o-w to INR 7,600/t exw-Gangavaram, while RB3 dropped by INR 200/t to INR 6,600/t. At Vizag, both RB2 and RB3 declined by INR 200/t to INR 7,450/t and INR 6,450/t, respectively. Sellers faced pressure to clear inventories, and some traders reportedly made low offers to influence index levels.

BigMint assessed the 5000 GAR grade down by INR 250/t w-o-w to INR 7,450/t at Kandla and INR 7,350/t at Vizag. The 4200 GAR grade dropped INR 250/t to INR 5,800/t at Kandla, and the 3400 GAR grade slipped INR 200/t to INR 4,300/t at Navlakhi. Global benchmarks also declined amid oversupply and weak Chinese demand. Outlook stays bearish on poor buying sentiment.