- Indian met coke prices show mixed sentiments
- India’s coking coal imports up 11% m-o-m in June
BigMint’s premium hard coking coal (PHCC) index was assessed at $194/tonne (t) CNF Paradip, India, on 11 July 2025, down by $2/t against the previous assessment on 4 July. A recent deal from Australia seems to have pushed offers up. However, lower offers from other origins like Canada mean there is a disparity in overall CNF India offers for coking coal.
A west India-based mill booked 40,000 t PHCC from Australia at around $196/t CFR India for end-August shipment.
Canadian coking coal offers were prevailing on the lower side of $175-180/t CNF India. However, deals have not been heard this week, cited sources.
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 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 of all origins including US, Canada, Mozambique, Australia – normalised 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 exhibit mixed trends – India’s metallurgical coke (met coke) market showed mixed trends w-o-w across major trading hubs. Market sentiment was cautious, and transaction volumes were limited. Import activity was also restrained, as most market participants had expected the government to extend quantitative restrictions (QRs) on imports. As of 9 July, BigMint assessed 25-90 mm blast furnace (BF) grade met coke prices at INR 28,500/tonne (t) ex-Jajpur, marking a slight increase of INR 500/t w-o-w. In western Indias Gandhidham, prices were unchanged at INR 29,000/t exw.
2. India’s coking coal imports rise m-o-m in June – Imports of coking coal to India rose by 11% m-o-m to 6 mnt in June 2025 from 5.4 mnt in May, mainly due to Australia’s higher shipments of 3.6 mnt, up 44% m-o-m.
3. Chinese metallurgical coke prices stable – Internationally, the Chinese met coke market stabilised, supported by rising coking coal costs and moderate steel demand. Production remained under pressure due to narrowing margins and environmental constraints, while improved procurement by mills and traders reduced coke inventories. Although sentiment turned more optimistic, any significant price rally remains unlikely amid fragile steel market conditions and gradually recovering coal supply.
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