- Index rises by $9 w-o-w
- Domestic coke prices remain supported
BigMint’s premium hard coking coal (PHCC) index was assessed at $196/tonne (t) CNF Paradip, India, on 4 July 2025, up by $9/t against the previous assessment on 27 June. Recent deals from Australia seem to have pushed offers up. However, a few trading sources questioned the continuity of high prices.
A south India-based mill has booked 40,000 t PHCC from Australia at around $203 CFR India for end August shipment.
“A Chinese trader is offering PHCC exports from Chinese port translating to around $185 CFR India. Meanwhile, Canadian PHCC is reportedly offered at $180/t CFR India, and from Australia it is quoted at about $195-197/t CFR India”, highlighted a source from Indian steel mill.
Rationale
BigMint’s coking coal index is derived using data points, i.e., trades, offers, bids, and indicative prices. One deal was recorded during the publishing window. Hence, this category was not considered for index computation and given a weightage of 50%.
Nine (9) firm offers, bids, and indicative prices were heard. Out of these, eight (8) were considered for price calculation and given 50% weightage.
BigMint has consolidated its Prime Hard Coking Coal (PHCC) CFR India Index to include material from all origins — US, Canada, Mozambique, Australia – normalized for quality and freight. With India steadily reducing its reliance on Australian PHCC and increasing imports from alternate sources, including early signs from China, this update ensures the index accurately reflects evolving market dynamics and trade flows.
Factors impacting imported coking coal prices
1. Indian met coke prices stable w-o-w – Indian metallurgical coke prices remained unchanged w-o-w across major trading hubs. According to BigMint’s assessment on 2 July 2025, the 25-90 mm blast furnace (BF) grade coke price held steady at INR 28,000/t ex-Jajpur. Similarly, in western India’s Gandhidham market, prices remained at INR 29,000/t exw.
2. Indian govt extends quantitative restrictions on imports – In a key regulatory update, the Government of India extended the existing quantitative restrictions (QRs) on the import of low-ash metallurgical (LAM) coke by an additional six months. The extension is effective from 1 July to 31 December 2025, as per a notification issued by the Directorate General of Foreign Trade (DGFT). This move is expected to support domestic coke producers by limiting import volumes, thereby bolstering the local market.
3. Chinese metallurgical coke prices stable despite market challenges – Similar to the Indian market, China’s metallurgical coke prices remained stable w-o-w. However, there was downward pressure, stemming from several factors, including tightened crude production due to stringent environmental inspections and a subdued port activity environment.
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