India: BigMint’s coking coal index inches down amid limited trades

• Indian met coke prices remain stable
• Indian BF-rebar prices edge up w-o-w

BigMint’s premium hard coking coal (PHCC) index was assessed at $207/tonne (t) CNF Paradip, India, on 03 October 2025, down by $1/t against the previous assessment on 26 September.

No fresh bookings were heard this week for India, as the market remained dull due to limited price movements in steel because of the festive holidays.

Rationale

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

• No deal was heard concluded. Hence, it was considered for index computation and given a weightage of 0%.
• Eight (8) firm offers, bids, and indicative prices were heard. Out of these, six (6) were considered for price calculation and given 100% 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 1 October. BF-grade (25-90 mm) met coke was assessed at INR 29,500/t ex-Jajpur, while western India prices held at INR 30,000/t ex-works Gandhidham. Foundry-grade material stood at INR 35,600/t ex-Rajkot. Ongoing discussion of an anti-dumping duty on imported met coke may impact domestic prices in the near term.

2. China’s met coke prices rise ahead of holidays: Chinese steel mills implemented their first round of coke price hikes before the National Day holiday. Tangshan, Xingtai, Shijiazhuang, and Tianjin mills raised wet- and dry-quenching coke by RMB 50-55/t ($ 7-7.7/t) and top-charging coke by RMB 70-75/t ($9.8-10.5/t), stabilising markets in the short term.

3. Indian BF-rebar trade prices inch up w-o-w: India’s trade-level blast furnace (BF) rebar prices witnessed a rise w-o-w across major markets amid market optimism and expectations of a price hike by major primary mills for October sales. Trade-level BF rebar prices rose by INR 400/t ($5/t) w-o-w to INR 47,200/t ($532/t) exy-Mumbai, as per BigMint’s assessment on 3 October 2025. Prices are exclusive of GST at 18%. In the projects segment, prices hovered between INR 45,500-46,500/t ($512-524/t) FOR Mumbai.