India: Portside Indonesian thermal coal prices remain stable w-o-w on weaker trades

• Global prices inch up w-o-w
• Indian thermal coal portside inventories inch up w-o-w

Indian portside prices of Indonesian-origin thermal coal remained largely unmoved a week-on-week (w-o-w) basis during the week ended 30 January 2026, against the backdrop of slower trading activities in anticipation of drop in prices by end-users in the near term.

As per BigMint assessments, prices of 5,000 GAR coal remained stable w-o-w at INR 7,250/t at Kandla and INR 7,150/t at Vizag. In contrast, 4,200 GAR coal prices stood unchanged at INR 5,600/t at Kandla and INR 5,500/t at Vizag, reflecting weaker demand from industrial consumers and thin spot trading activity. Lower-grade 3,400 GAR coal prices stood at INR 4,500/t at Navlakhi, supported by limited availability and replacement-driven purchases.

“Trades have slowed and not much deals have been heard in last 4-5 days”, highlighted a trader.

Freight rates inch up w-o-w

Seaborne freight rates exhibited marginal upward movement during the week. BigMint assessed Supramax freight rates from East Kalimantan to Navlakhi at $11/dmt, rising by $0.2/t on w-o-w basis.

Inventory position at ports

India’s portside thermal coal inventories increased marginally by around 1% w-o-w to 12.95 million tonnes (mnt) in week 4 (19-24 January 2026) from 12.83 mnt in week 3, reflecting uneven evacuation trends and selective arrivals across regions. While overall stocks edged higher, movements remained fragmented, with sharp drawdowns at some large ports offset by visible build-ups at others. The data continued to point towards logistics- and demand-driven stock movements rather than broad-based restocking activity.

Indonesian benchmark price movements

Indonesian weekly benchmark prices registered modest gains during the week, with 5,800 GAR increasing by $0.49/t, 4,200 GAR by $0.39/t, and 3,400 GAR by $0.33/t on a w-o-w basis.

Market outlook

Indian portside thermal coal prices are expected to remain muted in the near term, with only limited upside. Weak industrial demand, adequate inventories, and need-based buying are likely to cap price gains. In the absence of stronger demand or tighter supply conditions, market sentiment is expected to remain cautious.