India: BigMint’s coking coal index inches up w-o-w in recent trades

• Indian met coke prices hold firm w-o-w
• Chinese met coke prices climb up w-o-w

BigMint’s premium hard coking coal (PHCC) index was assessed at $199/tonne (t) CNF Paradip, India, on 8 August 2025, up by $5/t against the previous assessment on 1 August 2025.

A western India-based mill booked 25,000 t of Australian Goonyella (GYC) cargo for mid-August shipment based on BigMint’s index values, highlighted a source.

“I heard Australian PHCC was trading at around $197-200/t CFR India, while Canadian was seen at about $180-185/t CFR India” stated a trader.

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, it was considered for index computation and given a weightage of 50%.

Nine (9) firm offers, bids, and indicative prices were heard. Out of these, seven (7) 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 alternative sources, this update ensures the index accurately reflects evolving market dynamics and trade flows.

Factors impacting imported coking coal prices

1. Indian met coke prices hold firm w-o-w: India’s metallurgical coke (met coke) market witnessed marginal price movements in the week ended 6 August 2025, with improved trading activity offering price support across key trading hubs. Specifically, in eastern India, met coke prices remained unchanged w-o-w. BigMint assessed BF-grade (25-90 mm) met coke at INR 29,000/t ex-Jajpur. In western India, prices saw a minor uptick of INR 200/t, with exw-Gandhidham prices recorded at INR 30,000/t. Currently, the market outlook remains cautiously optimistic, backed by rising raw material costs and Chinese met coke price hikes.

2. Chinese met coke prices rise further: China’s met coke market remained firm following the fifth straight round of domestic price hikes. Prices across key regions stayed stable, with Rizhao FOB prices rising RMB 50/t w-o-w to RMB 1,370/t. Coking plants in Shanxi, Shaanxi, and Inner Mongolia continued to operate at 70-80% of their capacity, with low inventories and strong steel mill demand providing support.

3. Coking coal prices remain supported: In the seaborne market, Australian premium hard coking coal (PHCC) prices were recorded at around $183/t FOB, firm w-o-w. The stability against last week reflects continued firm demand from Asian buyers and tight vessel availability, keeping procurement costs elevated for Indian buyers reliant on imports.