India: US high-CV NAPP coal market stays active as traders build stocks; price gap with petcoke narrows

• Offers for May loading heard in low-to-mid $130s/t CFR range
• Weekly lifting crosses 112,000 t as west coast inventories climb up

India’s market for US-origin high-calorific-value Northern Appalachian (NAPP) thermal coal remained active through early May, supported by steady retail lifting and rising stock positions across west coast ports, even as competition from petroleum coke, domestic coal, and other imported thermal coal intensified.

NAPP coal, typically around 6,900 kcal/kg net as received (NAR), continues to occupy the premium end of India’s imported fuel basket, serving both industrial consumers and the west coast retail market.

Retail lifting rises as stocks build

India’s NAPP retail market saw weekly lifting rise to 112,392 t in Week 19 from 91,962 t in Week 18, recovering after a softer previous week. Meanwhile, port stock balances increased steadily from 314,037 t in Week 17 to 435,654 t in Week 19 as cargo arrivals continued to outpace dispatches.

Stocks were concentrated at India’s west coast ports, particularly Tuna and Kandla, reflecting active cargo arrivals and continued stocking by traders serving industrial consumers and smaller retail buyers. Despite growing inventories, lifting remained close to the 100,000 t/week level, indicating stable downstream offtake.

Pricing comparison: NAPP versus competing fuels

The competitive positioning of NAPP coal has shifted in recent weeks as price movements across fuels narrowed some historical cost advantages. According to BigMint’s assessment, ex-Kandla prices for 6,900 NAR US-origin coal declined sharply by INR 300/t week-on-week to INR 13,400/t.

Indicative offers for US NAPP 6,900 NAR coal into west coast India for May loading were heard in the low-to-mid $130s/t CFR range during the week.

While NAPP coal remains priced above lower-CV imported thermal coal on a headline basis, the gap with petroleum coke has narrowed materially following recent softness in the coke market. US high-sulphur petroleum coke prices into India have eased for several consecutive weeks as buyers delayed purchases and thermal coal prices remained relatively competitive.

Industrial and retail demand

In the industrial market, NAPP coal competes directly with petroleum coke, domestic coal, Russian thermal coal and South African material, particularly among cement manufacturers and energy-intensive industries.
Retail demand remains concentrated on India’s west coast, where imported coal stockyards supply smaller parcel sizes to consumers unable or unwilling to import full cargoes directly.

Outlook

The near-term outlook for India’s NAPP market will likely depend on relative fuel pricing, particularly the spread between imported coal and petroleum coke.
With west coast stocks rising and fresh cargoes continuing to arrive, market participants are expected to closely monitor dispatch momentum and industrial demand patterns through the summer period.