- Chinese met coke market sees 2nd straight price hike
- Indian BF rebar trade prices decline w-o-w in major markets
BigMint’s premium hard coking coal (PHCC) index was assessed at $210/tonne (t) CNF Paradip, India, on 31 October 2025, up by $3/t against the previous assessment on 24 October.
The imported coking coal market in India was relatively quiet this week. However, offers from Australia increased due to higher prices being fetched in Chinese markets.
Rationale
BigMint’s coking coal index is derived using data points, i.e., trades, offers, bids, and indicative prices.
No deal was heard concluded. Hence, this category was not considered for index computation and given a weightage of 0%.
Ten (10) firm offers, bids, and indicative prices were heard. Out of these, nine (9) were considered for price calculation and given 100% weightage.
BigMint has consolidated its Prime Hard Coking Coal (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 impacting imported coking coal prices
1. Met coke prices rise w-o-w in eastern India, hold firm in west: The Indian metallurgical coke (met coke) market showed mixed trends across regions in the week ending 30 October 2025. While the eastern Indian market experienced a price rise, the western market remained stable. In eastern India, BF-grade met coke (25-90 mm) was assessed at INR 30,500/t ex-Jajpur, reflecting a w-o-w increase of INR 600/t. On the other hand, in western India, prices held steady at INR 30,000/t ex-works Gandhidham. Similarly, foundry-grade met coke prices remained unchanged at INR 35,500/t ex-Rajkot, highlighting a stable trend in the west.
2. China’s met coke market strengthens: The Chinese market for met coke witnessed its second straight round of price hikes in response to tight supply, resilient demand, and rising coke-making costs. Steelmakers in China had to accept these price hikes, which were delayed compared to earlier expectations. In Hebei, prices of top-charging coke increased by RMB 50-55/t ($7-8/t), with wet-quenching coke now priced at RMB 1,660/t ($234/t) and dry-quenching coke at RMB 2,030/t ($286/t). In Shandong, prices rose to RMB 1,495/t ($211/t) for Quasi Grade I coke and RMB 1,750/t ($246/t) for dry-quenching coke, signalling a strengthening market sentiment.
3. BF-rebar trade prices in India edge down w-o-w: India’s trade-level blast furnace (BF) rebar prices edged down w-o-w across major markets, except Mumbai. Some primary mills either increased their discounts or reduced list prices owing to subdued market sentiments following Diwali. Inventories at mills rose slightly by around 15% in end-October, compared with levels seen at the beginning of the month, as per sources. This was majorly due to a slow domestic market during the festive season. However, an increase in rebar prices by IF-mills and market optimism led to a hike in offers in Mumbai.
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