BigMint: India’s coking coal index remains unchanged amid continued bid-offer disparities

• India’s domestic met coke prices remain range-bound
• Indian BF-rebar prices hit 5-year low amid supply glut

BigMint’s premium hard coking coal (PHCC) index was assessed at $219/tonne (t) CNF Paradip, India, on 28 November 2025, stable against the previous assessment on 21 November 2025.

Meanwhile, bid-offer gaps persisted amid subdued steel market sentiment. Australian origin offers fluctuated within $217-220/t CFR India, but buying interest was limited at these levels, with bids largely at around the $210/t CFR mark, according to a source from a steel mill.

Globally, coking coal prices strengthened amid recent deals concluded for China, which has pushed up overall offers, sources said.

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

• India’s domestic met coke prices remain range-bound: India’s metallurgical coke (met coke) market witnessed stable fundamentals with mild positive sentiment during the week ending 27 November 2025. BF-grade (25-90 mm) met coke prices in eastern India were unchanged w-o-w at INR 31,800/t ex-Jajpur. In contrast, western India saw a slight lift, with the BF grade, ex-Gandhidham, assessed at INR 30,200/t, an INR 200/t rise w-o-w. Foundry-grade met coke prices also reflected positive momentum, rising INR 300/t w-o-w to INR 36,000/t ex-Rajkot, supported by increasing demand from end-users.
• Chinese met coke prices remain stable: China’s met coke spot market remained stable but was clouded by weakening sentiment. Steady feedstock costs, firm on-site procurement, and calibrated production cuts helped maintain equilibrium. However, soft steel margins and uneven coke quality capped aggressive buying.
• Indian BF-rebar trade prices hit 5-year low on weak demand: Indian trade-level BF-rebar prices have hit a five-year low in end-November 2025, as per BigMint data. Prices fell w-o-w due to muted trading activity across key markets, with sellers offering discounts to clear inventories. Surplus material in the trade channel has intensified pressure on prices, market sources indicated. Trade-level BF rebar prices dropped by INR 300/t ($3/t) w-o-w to INR 46,300/t ($517/t) exy-Mumbai, as per BigMint’s benchmark assessment on 28 November. Prices are exclusive of GST at 18%.