- Australia-India vessel freights fall by $1/dmt w-o-w
- India’s coking coal imports surge to 6.5 mnt in Mar’26
BigMint’s premium hard coking coal (PHCC) index was assessed at $255/tonne (t) CNF Paradip, India, on 10 April 2026, down by $7/t against the previous assessment on 03 April. Bearish market sentiments amongst importers and a drop in vessel freights pressured CNF coking coal offers to India.
Market sentiment appears to be turning increasingly bearish, with indications of further price softening. Paper markets are trending lower, and current spot levels are now seen closer to $228-230/t FOB Australia, reflecting the prevailing weakness, according to 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
India’s coking coal imports surge m-o-m in Mar’26: India’s coking coal imports were recorded at 6.5 mnt in March 2026, as per provisional data maintained with BigMint. Imports rose significantly against 4.4 mnt in February 2026. Monthly volumes were higher than the usual average of 5-5.5 mnt.
This implies that Indian players have sufficient inventories and, hence, are not active in placing fresh inquiries. Late deliveries of previous orders and pending deliveries of previously booked shipments have kept inquiries limited over the past couple of weeks.
Coal vessel freights drop w-o-w: Dry bulk coal freight rates to India were volatile in the week ended 10 April, as ample vessel availability and cautious demand kept pressure on the market, while steady Pacific activity offered limited support. Rates on the Australia-India route dropped by nearly $1/dmt w-o-w amid limited fresh inquiries.
Meanwhile, the market is looking for a correction in bunker prices, sources said. Sentiment reflected a mismatch between charterer expectations and owners’ resistance. “Traders are asking for discounts, but not really getting the sentiment from owners/operators yet — maybe next week,” a ship broker said.
Domestic met coke prices gain on input cost pressures despite muted trade: India’s blast furnace (BF)-grade metallurgical coke prices increased w-o-w as of 9 April 2026, primarily supported by higher production costs and earlier gains in coking coal prices. According to BigMint’s assessments, BF-grade coke (25-90 mm) prices in eastern India rose by INR 400/t w-o-w to INR 36,400/t ex-Jajpur, while prices in western India increased more sharply by INR 2,500/t to INR 33,500/t ex-Gandhidham. In the foundry segment, +90 mm foundry-grade coke prices edged up by INR 200/t to INR 36,400/t ex-Rajkot, indicating modest upward movement across key regional markets. However, trading activity was subdued.
Outlook
BigMint expects coking coal prices to fall marginally on sufficient supplies and comparatively weaker buying interest. The US-Iran ceasefire is expected to lower oil prices, ultimately impacting vessel freight rates and the landed prices of imported coking coal.
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