- Aus-India vessel freight rates inch up w-o-w
- Indian steel prices remain under pressure on cautious buying
BigMint’s premium hard coking coal (PHCC) index was assessed at $269/tonne (t) CNF Paradip, India, on 05 June 2026, inching up by $1 w-o-w. The index rose on global cues, as bookings by Indian players remained slow amidst price pressure in steel.
“PHCC prices are rising steadily, and a severe shortage is expected in the market. At current price levels, material availability remains extremely limited. Coking coal production at the mines has declined significantly, while vessels are facing prolonged waiting times for berthing, further tightening supply. In my view, prices are likely to exceed $270/t CFR, although firm offers remain scarce in the market”, quoted a source from Indian steel mill.
Additionally, in China, the coke market maintained its upward momentum, with the fifth round of coke price increases, amounting to RMB 50-55/t ($7-8/t), fully implemented.
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
Australia-India vessel freights inch up: India’s dry bulk coal freight market displayed mixed trends in the week ended 5 June 2026, with Pacific basin routes remaining firm amid steady coal demand from Indian buyers and tighter vessel availability. Panamax vessel freight assessment of BigMint from Haypoint, Australia to Paradip, India was recorded at $24.8/t, up $0.3 w-o-w.
Indian mills roll over price list of flat steel for June sales – Leading Indian steelmakers have rolled over mill list prices for June 2026, keeping both HRC and CRC prices unchanged from the previous cycle amid subdued market activity and cautious buying sentiment. HRC list prices (2.5-8 mm, IS2062, Gr E250 Br) are now in the range of INR 59,050-61,000/t ($617-$637/t), ex-Mumbai. CRC prices (0.9 mm, IS513 CR1) are listed at INR 66,400-68,750/t ($693-718$/t).
Imported met coke offers firm up on global strength, rising coking coal prices – The metallurgical coke market witnessed an improvement in sentiment during the week ended 04 June 2026, primarily supported by strengthening international coke prices and firm upstream raw material costs. BigMint’s assessment of Indonesian-origin BF-grade coke (65/63 CSR) increased by $4/t w-o-w to around $313/t CFR India. In contrast to the international market, India’s domestic BF-grade metallurgical coke market remained largely stable during the week. Adequate material availability, balanced supply-demand dynamics, and comfortable inventory levels across key steel-producing regions prevented any significant upward movement in domestic prices despite higher import parity costs. In the eastern region, BF-grade coke prices remained unchanged at INR 36,700/t ex-Jajpur.
Outlook
Coking coal prices are likely to stay supported next week on the back of Chinese demand, while the downturn in Indian steel prices remains a critical market indicator to monitor.
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