- No fresh deals heard; buyers stay away, hoping for price drops
- Australian PHCC prices fall by $6/t w-o-w on cautious demand
BigMint’s premium hard coking coal (PHCC) index was assessed at $260/tonne (t) CNF Paradip, India, on 21 February 2026, down by $3/t against the previous assessment on 13 February. Cautious buyer sentiment and lower bids weighed on prices this week.
The global coking coal market remained muted, with Chinese mills away from the market due to the Lunar New Year holidays. “No fresh deals have been heard so far, as customers are largely holding back in anticipation of further price corrections. FOB expectations from large Indian mills are currently pegged below $220/t,” said a trader.
“Coking coal prices have softened recently, with clearer pricing signals expected next week once Chinese mills resume operations following the Lunar New Year holidays,” stated a source from an Indian steel mill.
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
Indian met coke prices remain stable w-o-w on firm import offers: Indian blast furnace (BF)-grade metallurgical coke prices remained stable w-o-w on 18 February 2026, supported by balanced domestic fundamentals and firm import parity despite softer raw material costs. In eastern India, BF-grade coke (25-90 mm) prices were steady at INR 34,800/t ex-Jajpur, while in western India, prices held at INR 30,400/t ex-Gandhidham. The stability reflects measured procurement by steelmakers and disciplined supply from domestic coke producers. Firm import price indications also contributed to the market stability. Indonesian-origin BF coke (65/63) offers were heard at $270-275/t CFR India
Australian coking coal FOB offers drop w-o-w: Australian premium hard coking coal prices declined by $6/t w-o-w to $243/t FOB amid subdued buying interest and cautious procurement by major importing markets. However, the decline was not steep enough to significantly alter domestic coke pricing structures. Lunar New Year holidays in China have limited trading activities.
Indian mills lift rebar offers w-o-w: Indian primary steelmakers increased rebar prices by up to INR 1,000/t ($11/t) this week, sources informed BigMint. Post-revision, list prices stood at INR 58,500-59,500/t ($643-654/t) on landed basis. Market participants noted that buyers were reluctant to place fresh orders at elevated prices following the recent sharp price increase, leading to cautious procurement behaviour during the week.
Outlook
BigMint expects coking coal prices to remain stable or inch down in a week’s time, given the expected absence of Chinese buyers due to holidays and supply normalisation from Australia.
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