India: BigMint coking coal index rises by $7/t w-o-w on improved buying interest

• Three bookings heard concluded by Indian mills this week
• Indian met coke prices stay supported, BF rebar tags drop

BigMint’s premium hard coking coal (PHCC) index was assessed at $209/tonne (t) CNF Paradip, India, on 20 September 2025, up by $7/t against the previous assessment on 12 September.

A central India-based mill was reported to have booked a 25,000-30,000 t Australian PHCC cargo for mid-October arrival at $210-215/t CFR Vizag.

Additionally, two bookings were concluded by mills in eastern and southern India, though details were unavailable at the time of publishing. A few Indian mills were reportedly bidding at $200-205/t CFR India, though limited cargo availability was heard at these levels.

Rationale

BigMint’s coking coal index is derived using data points, i.e., trades, offers, bids, and indicative prices.

A deal was heard concluded. Hence, it was considered for index computation and given a weightage of 50%.

Ten (10) 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 remain stable w-o-w: The Indian metallurgical coke (met coke) market remained steady during the week ending 17 September, with minimal movement in regional prices. Eastern India’s BF-grade (25-90 mm) met coke was assessed at INR 29,500/t ex-Jajpur, while western India’s ex-works Gandhidham prices stayed at INR 30,000/t. Foundry-grade material stood firm at INR 35,600/t ex-Rajkot.

2. China’s coke market remains range-bound: China’s coke market steadied following two rounds of cuts totalling RMB 100-110/t ($ 14.06-15.47/t) in September. Spot prices stayed weak, but improved steel margins encouraged mills to increase procurement. Ahead of the Golden Week holidays, restocking activity and rebounding coal prices lent cost support.

3. Indian BF-rebar trade prices drop w-o-w: India’s trade-level blast furnace (BF) rebar prices declined w-o-w, weighed down by subdued domestic demand and sluggish market activity due to monsoon rains in several regions. Liquidity constraints in the market also impacted trade activity. Trade-level BF rebar prices edged down by INR 200/tonne (t) ($2/t) w-o-w to INR 47,000/t ($533/t) exy-Mumbai, as per BigMint’s assessment on 19 September. Prices are exclusive of GST at 18%.