India: Portside thermal coal stocks remain largely stable w-o-w

• Dhamra, Kandla post strong weekly gains
• Adani, Agarwal inventories decline modestly

India’s total portside thermal coal inventories rose marginally by 0.1% w-o-w to 12.96 mnt in week 5 from 12.95 mnt in week 4, indicating overall stability at the aggregate level despite sharper movements at select ports.

East coast: Dhamra, Paradip record strong builds

On the east coast, Dhamra posted a 12.7% w-o-w increase to 1.33 mnt from 1.18 mnt, marking the largest build-up among major ports. Paradip rose 2.5% to 1.37 mnt from 1.34 mnt, while Vizag increased 7.4% to 1.21 mnt from 1.12 mnt.

In contrast, Haldia declined 12.7% w-o-w to 0.21 mnt from 0.24 mnt, and Gangavaram fell 36.7% to 0.03 mnt from 0.05 mnt, reflecting the sharpest percentage correction in the region.

West coast: Kandla jumps, Mangalore drops

On the west coast, Kandla recorded a significant 34.4% w-o-w surge to 0.68 mnt from 0.51 mnt, the strongest movement across major ports. Mundra declined 2.4% to 1.07 mnt from 1.09 mnt, while Dahej fell 5.6% to 0.99 mnt from 1.05 mnt.

Mangalore saw a notable 15.5% correction to 0.50 mnt from 0.59 mnt. Hazira remained broadly stable at 1.92 mnt compared with 1.93 mnt in week 4, reflecting a marginal 0.1% decline.

Company-wise position

Adani Enterprises’ inventories declined 3.0% w-o-w to 3.20 mnt from 3.29 mnt. Agarwal Coal’s stocks fell 4.2% to 0.96 mnt from 1.00 mnt.

Overall, while total stocks remained largely unchanged, port-level volatility persisted, with strong builds at Dhamra and Kandla offset by corrections at Mangalore and Haldia.

Outlook

With South African portside prices firming on tighter availability, Indonesian coal remaining stable, and freights edging higher, inventory stability suggests requirement-based buying rather than aggressive accumulation. The limited overall stock change, despite sharper port-level swings, indicates balanced supply positioning. In the near term, imported coal prices are likely to remain largely stable, supported by selective tightness in specific grades, while overall stock levels may continue to hover near current levels unless cargo arrivals accelerate materially.