- One fresh deal heard, others hoping for futher price drops
- Australian PHCC prices fall by $6/t w-o-w after market reopens post Chinese holidays
BigMint’s premium hard coking coal (PHCC) index was assessed at $250/tonne (t) CNF Paradip, India, on 27 February 2026, down by $10/t against the previous assessment on 20 February. Cautious buyer sentiment and lower bids continue to weigh on prices this week.
A western India based steel mill booked 30,000t Australian Goonyella PHCC at $245/t, CFR India for May loading later this week.
Supplies seem to have improved and hence it is expected that prices may fall in the coming weeks. Also, global coking coal market has seen a drop after Chinese holidays.
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
Domestic met coke prices edge up on firm import parity – Indian blast furnace (BF)-grade metallurgical coke prices recorded a marginal week-on-week increase on 26 February 2026, supported by balanced domestic demand-supply fundamentals and firm import parity levels, despite a mild correction in upstream raw material costs. In eastern India, BF-grade coke (25-90 mm) prices increased by INR 200/t week-on-week to INR 35,000/t ex-Jajpur, while in western India, prices rose by INR 100/t to INR 30,500/t ex-Gandhidham. The uptick reflects stable procurement by integrated steel producers and limited immediate supply pressure.
Australian coking coal FOB offers drop w-o-w – Australian premium hard coking coal prices declined by $6/t w-o-w to $237/t FOB amid subdued buying interest and cautious procurement by major importing markets.
Indian primary mills hike rebar prices by upto INR 1,000/t ($11/t) for end-Feb’26 – Indian primary steelmakers increased rebar prices by up to INR 1,000/tonne (t) ($11/t) in the week ended 27 February, sources informed BigMint. Post-revision, list prices stood at INR 58,500-60,000/t ($643-659/t) on landed basis. Trade-level BF-rebar prices (distributor to dealer) were stable w-o-w at INR 59,000/t ($648/t) exy-Mumbai, as per BigMint’s assessment on 27 February 2026. In the trade segment, prices remained largely range-bound in key markets this week owing to slowness in buying activities & ongoing material shortages.
Outlook
BigMint expects coking coal prices may remain muted in a week’s time given that expected improvement in supplies.
Leave a Reply