- Indonesian coal stable; South African coal prices dip w-o-w
- Coal freights drop for 1st time since start of Iran-US conflict
Indian coal markets remained firm in the week ended 28 March 2026; the portside thermal coal price rally seemed to have lost momentum due to a lack of firm bids, falling vessel freights, lower bunker prices, and a shift in preference to domestic coal.
Indonesian coal prices flat amid subdued industrial demand
Indian portside prices of Indonesian-origin thermal coal remained largely stable w-o-w as of 27 March 2026, after mild gains earlier in the week. Market sentiment turned cautious towards the end of the week as industrial demand weakened, prompting buyers to adopt a wait-and-watch approach despite adequate availability of material at major ports. According to BigMint’s latest assessment as of 27 March, portside prices across most Indonesian coal grades remained stable w-o-w. Prices of 5,000 GAR Indonesian coal were assessed at around INR 9,400/tonne (t) at Kandla and INR 9,300/t at Visakhapatnam, unchanged from the previous week amid balanced supply-demand conditions. Similarly, 4,200 GAR coal prices held steady at INR 7,700/t at Kandla and INR 7,600/t at Visakhapatnam
South African coal prices inch down on buyers’ resistance
South African thermal coal prices at Indian ports decreased w-o-w amid lack of firm bids from buyers and lower bunker prices. As per BigMint’s assessment, exw-Paradip RB2 (5,500 NAR) fell by INR 250/t w-o-w to INR 11,550/t and RB3 (4,800 NAR) by INR 50/t to INR 10,450/t. Weaker bids, preference towards domestic coal, and lower price support from sponge iron pulled down portside prices this week.
Flood of US thermal coal shipments raises oversupply risks
According to BigMint’s assessment, portside prices of US thermal coal (6,900 NAR) in India rose by INR 600/t w-o-w to INR 17,500/t. Market indications suggested offers reaching up to INR 18,500/t, while a trade for approximately 3,000 t was reportedly concluded at INR 17,800/t, reflecting the strengthening price sentiment. Meanwhile, prices of 6.5% sulphur pet coke on a CFR India basis surged to a three-year high, reaching $158/t in late March.
The recent rally in petcoke prices has dramatically lifted US thermal coal demand in India, and the west coast is bracing for a wave of American coal in the next few weeks. Over the next two months, more than 2.1 million tonnes (mnt) of high-calorific value (CV) Northern Appalachian (NAPP) coal are scheduled to arrive at ports like Kandla and Tuna, according to vessel line-up data.
However, the substantial volume of US coal imports has raised concerns regarding potential oversupply. This is because current demand remains insufficient to absorb the influx. Consequently, price corrections may occur.
BigMint’s coking coal index climbs to over 1-month high in recent deal
BigMint’s premium hard coking coal (PHCC) index was assessed at $263/t CNF Paradip, India, on 27 March 2026, up by $8/t against the previous assessment on 20 March. The index has risen to over one-month high as similar levels were seen in mid-February, as per data maintained with BigMint. An Australian PHCC deal was heard concluded for India by a trading house at around $238/t FOB levels. Offers from Tier-1 miners were at around $236-238/t FOB, equivalent to $263-264/t CNF India, said a trader.
Indian met coke prices hold firm; rising coking coal costs offset demand weakness
India’s blast furnace (BF)-grade metallurgical coke prices displayed a mixed trend w-o-w as of 26 March 2026, reflecting regional supply dynamics and cost pressures. According to BigMint’s assessment, BF-grade coke (25-90 mm) prices in eastern India rose by INR 1,000/t to INR 36,000/t ex-Jajpur, supported by tighter availability and firmer offers from suppliers. In contrast, prices in western India remained stable at INR 31,000/t ex-Gandhidham, indicating balanced supply-demand conditions in the region.
US petcoke prices climb as refinery fire disrupts operations
The global petroleum coke market has entered a period of acute volatility, driven by severe supply shocks and steady demand. A major fire at one of the largest US Gulf Coast (USGC) refineries has forced the suspension of significant petcoke volumes, exacerbating an already tight market characterised by soaring prices and aggressive bidding from key consumers in India and China. General trader offers for US-origin material to India were heard in the $160-165/t CFR range.
Coal freights drop for 1st time since start of Iran-US conflict
Dry bulk coal freight rates to India fell slightly w-o-w, amid fluctuating bunker prices, limited fixtures, and cautious market sentiment. While rates stayed elevated, slight corrections were seen across key routes due to softer crude and weak trading activity. Sentiment turned slightly bearish during the week, with easing crude offering limited relief. “Rates have softened marginally, reflecting weaker momentum,” another broker said. BigMint’s assessment for Panamax vessel freights from RBCT to Paradip fell by $1.1/dmt w-o-w to $25.7/dmt.
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