- Chinese buying continues to drive price rally
- Higher vessel freights support CNF offers
BigMint’s premium hard coking coal (PHCC) index was assessed at $306/tonne (t) CNF Paradip, India, on 11 September 2026, up by $7/t w-o-w. The index continued its rally for yet another week amid a firmer global pricing environment.
“It’s largely China driving the price rally. If supply tightness continues to persist, prices are likely to go up further in the near short term,” said a source from an Indian mill.
“CFR India price indications have rallied amid global cues. For PHCC, indications are in the range of $305-310/t CFR India,” stated a source from a trading house.
A deal for 75,000-t Australian premium mid-vol Goonyella trade was heard concluded on 10 September between an Indian mill and a miner at $283.00/t FOB Australia, with laycan set at 21-30 October. However, it could not be confirmed at the time of publishing this report.
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.
Coal freights remain firm
India-bound coal freight markets maintained a firm tone in the week ended 11 September 2026, with Panamax sentiment benefiting from steady coal enquiries and tighter prompt tonnage. BigMint’s assessment for coal vessel freights from Haypoint to Paradip for Panamax vessels stood at $23.5/dmt, up by $0.3 w-o-w on fresh fixing interest.
The BDI edged up 0.9% (33 points) w-o-w to 3,521 as of 9 September, from 3,488 a week earlier. Brent crude futures rose by $8.70/barrel (bbl) (9.1%) w-o-w to $103.85/bbl on 11 September, from $95.15/bbl. Escalating Middle East tensions, attacks affecting shipping and disruption risks around the Strait of Hormuz continued to drive the rally.
Met coke prices surge
Higher coking coal prices have lifted Indian met coke prices as well. India’s met coke market continued its sharp uptrend in the week ended 10 September, supported by tightening availability, elevated imported coke replacement costs, and a sharp rise in coking coal prices.
BF-grade met coke prices in eastern India increased by INR 1,500/t w-o-w to INR 41,500/t ex-Jajpur, while western India recorded an INR 3,000/t increase to INR 38,000/t ex-Gandhidham, both marking a nearly 3.5-year high. Foundry-grade coke prices also rose by INR 1,000/t to INR 39,000/t ex-Rajkot, reaching a nearly 2.5-year high.
Leave a Reply