India: BigMint’s premium coking coal index surges $17 w-o-w following recent deal

• Australian coking coal prices rise further on supply tightness
• Met coke prices in eastern India remain supported on firm input costs

BigMint’s premium hard coking coal (PHCC) index was assessed at $264/tonne (t) CNF Paradip, India, on 23 January 2026, up by $17/t against the previous assessment on 16 January last. A miner was learnt to have sold a 75,000 t cargo at $250/t FOB Australia which lifted offers.

Mining disruptions, owing to heavy rainfall from Cyclone Koji, have prompted a few miners to go for force majeure.

Weather disruptions have turned much severe than it was expected with vessels awaiting berthing at Australian ports, highlighted a source.

BigMint has consolidated its 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 influencing prices

Chinese met coke prices remain stable: Chinese met coke producers tried to lift offers by RMB 50-55/t ($7-8) following surge in coking coal prices. However, its acceptance from steel mills is yet awaited.

Met coke prices rise in eastern India: The Indian BF-grade metallurgical coke market remained supported on a w-o-w basis in the week ended 24 January. In eastern India, BF-grade metallurgical coke (25-90 mm) prices edged up marginally by INR 1,200/t to INR 33,500/t ex-Jajpur, supported by firmer input cost sentiment.

Indian primary mills have increased rebar prices by up to INR 1,250/tonne (t) ($14/t) this week, sources informed BigMint. Post-revision, list prices stood at INR 54,500-55,500/t ($593-604/t) on landed basis. Following this, trade-level blast furnace (BF) rebar prices (distributor to dealer) rose w-o-w across major Indian markets. Strong material lifting was observed in the trade channel this week, as per market participants.

Outlook – Trade sources expect the coking coal price rally to continue for a couple of weeks; however, a sharp hike may be restricted as recent offers of $260/t FOB failed to attract buyers.