- Higher steel prices, firm met coke offer support
- Trade stays slow amid ample inventories with mills
BigMint’s premium hard coking coal (PHCC) index was assessed at $263/tonne (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. Offers from Tier-1 miners are around $236-238/t FOB, equivalent to $263-264/t CNF India,” said a trader source.
Bids were limited amid cautious sentiment. “We are not in the market presently as we have stocks, and there is still quite lot of volatility prevailing in the market,” said an Indian steel mill official.
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
Indian met coke prices show mixed trends: 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.
India’s coking coal imports fall to one-year low in Feb’26: India’s coking coal imports declined to 4.4 million tonnes (mnt) in February 2026, down 13% m-o-m from 5.1 mnt in January but higher by 10% y-o-y compared with 4 mnt in February 2025, marking the lowest level in over one year. The decline in February imports reflects booking decisions taken during December-January, when coking coal prices were rising sharply. BigMint’s PHCC index, CNF India, increased from $215.5/t in November to $232/t in December and further to $250/t in January, before rising to $260/t in February, marking multi-year high levels. Weather-related disruptions in Australia during December also tightened supply while pushing prices higher. However, as supply conditions improved in January-February, along with muted Chinese demand during the Lunar New Year, sentiment shifted towards expected price corrections, leading buyers to defer purchases.
Indian primary mills hike rebar prices by up to INR 1,000/t ($11/t) in end-Mar’26: Indian primary steelmakers increased rebar prices further by up to INR 1,000/t ($11/t) in the week ended 27 March 2026, sources informed BigMint. Post-revision, list prices stood at INR 59,500-61,000/t ($628-644/t) on landed basis. The price hike could be attributed to rising raw material prices and input costs and falling inventories.
Coal vessel freights drop w-o-w: Dry bulk coal freights to India remained under pressure this week, 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. BigMint’s assessment for Panamax coal freight from Haypoint to Paradip fell $0.6/dmt w-o-w to $26.1/dmt. Coke futures on the Dalian Commodity Exchange decreased by around RMB 60.5/t ($8.75/t) w-o-w to RMB 1,752/t ($253.49/t) on 27 March.
Outlook
BigMint expects coking coal prices to remain largely stable in a week’s time as vessel freight rates seem to be on a falling trajectory and a “wait and watch” stance has been adopted by major Indian mills.
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