India: BigMint’s coking coal index inches down w-o-w; inquiries pick up

• Index declines by nearly $15/t since end-Sep but sharp downtrend unlikely
• Supply uncertainties support coking coal prices even as Indian met coke, steel prices ease 

BigMint’s premium hard coking coal (PHCC) index was assessed at $292/tonne (t) CNF Paradip, India, on 23 October 2026, down by $1/t w-o-w.

In the latest trade, an Australian miner concluded a deal with an Indian mill for 75,000 t of Goonyella coking coal at $267/tonne FOB, with a laycan of 15-24 November 2026.

Coking coal prices are showing signs of easing, and inquiries have picked up, though a sharp correction is considered unlikely. Buyers are expected to finalise their procurement decisions over the next five days, said a mill source in western India.

Coking coal prices have weakened by nearly $15/t since the end of September. However, a sharp downward correction is less likely. Supply-side uncertainties continue to support the market. China’s Shanxi province has announced 10 million tonnes (mnt) of coal output impact amid tighter checks compared with last year. Meanwhile, consolidation among Australian coal miners has raised questions over future output and supply availability. Russian coal shipments are also facing disruptions due to port-related issues, further limiting seaborne availability, stated a mill source.

BigMint has consolidated its PHCC CFR India Index to include material of all origins, including the US, Canada, Mozambique, and 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.

Meanwhile, India’s metallurgical coke market weakened in the assessment week ended 22 October 2026, as selective procurement, subdued steel-market conditions, and pressure on steel-mill margins continued to restrict buying activity. BF-grade met coke prices in eastern India declined sharply by INR 800/t w-o-w to INR 40,500/t ex-Jajpur, while western India prices fell by INR 400/t to INR 37,000/t ex-Gandhidham. Foundry-grade met coke in Rajkot also eased by INR 100/t to INR 39,100/t ex-Rajkot. Market participants reported limited trading activity, with buyers largely purchasing only against immediate requirements and remaining reluctant to build inventories at prevailing high price levels.

Additionally, India’s trade-level hot-rolled coil (HRC) prices declined by INR 200-700/t w-o-w, as per BigMint’s latest assessment on 19 October 2026, amid relatively slow demand and cautious buying activity across major markets. Trade-level cold-rolled coil (CRC) prices also witnessed a decline of INR 300-900/t w-o-w across major markets, reflecting subdued market sentiment and limited buying interest.