- West coast sees mixed trends in inventory movements
- Agarwal’s inventory rise signals pre-winter restocking
India’s portside thermal coal inventories remained broadly steady in Week 43 (ending 26 October 2025), inching up 1.2% w-o-w to 13.33 million tonnes (mnt) from 13.17 mnt in Week 42. The marginal rise was supported by slight restocking activity at select eastern and western ports, even as trading stayed muted amid slow post-festive industrial recovery.
East coast performance
Eastern coast ports largely witnessed gains in thermal coal inventories, continuing from the previous week.
Inventories at Dhamra rose around 10% to 1.51 mnt from 1.38 mnt, and Karaikal gained 23% to 0.32 mnt from 0.26 mnt. Gangavaram saw a moderate rise of 18% to 0.18 mnt from 0.15 mnt, while Vizag remained unchanged at 1.07 mnt. Paradip declined slightly by 1% to 1.38 mnt from 1.39 mnt, and Haldia slipped 17% to 0.19 mnt from 0.23 mnt. Krishnapatnam fell 60% to 0.04 mnt from 0.10 mnt as arrivals remained subdued.
West coast trends mixed
Overall, ports along India’s eastern coast witnessed divergent trends.
Kandla’s inventory increased 7% to 0.80 mnt from 0.75 mnt, while Magdalla gained 8% to 0.53 mnt from 0.49 mnt. Dahej recorded a marginal fall of 6% to 1.01 mnt from 1.08 mnt, while Navlakhi rose 2% to 1.17 mnt from 1.15 mnt. Mundra edged down 2% to 1.03 mnt from 1.05 mnt, and Mangalore slipped 16% to 0.41 mnt from 0.49 mnt. Jamnagar rose sharply by 600% to 0.14 mnt from 0.02 mnt, reflecting improved handling at the port.
Company-wise movement
Adani Enterprises’ stock was largely stable, down 0.3% w-o-w to 3.48 mnt from 3.49 mnt in Week 42. Meanwhile, Agarwal Coal’s inventory increased 8.6% to 1.25 mnt from 1.16 mnt, supported by restocking ahead of the anticipated winter demand uptick.
Market overview
South African portside coal prices in India remained firm w-o-w, with RB2 at INR 8,200/t and RB3 at INR 7,100/t across Paradip, Vizag, and Gangavaram. Trading slowed during the Diwali holidays, as most end-users had already procured material.
Portside prices of Indonesian thermal coal in India also stayed firm in the week ending 24 October 2025 as festive holidays and weak industrial demand curbed trading. The 5000 GAR grade was steady at INR 7,100/t at Kandla and INR 7,050/t at Vizag, while 4200 GAR held at INR 5,800/t and INR 5,700/t, respectively.
Outlook
Portside stocks are expected to remain range-bound in the coming week as market participants assess consumption trends post-Diwali. Fresh arrivals scheduled for early November may add mild upward momentum to inventories.
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