India: BigMint’s coking coal index remains range-bound w-o-w amid recent deal

• Bid-offer disparities slow down coking coal trade
• Met coke rises on supportive steel demand outlook

BigMint’s premium hard coking coal (PHCC) index was assessed at $205/tonne (t) CNF Paradip, India, on 10 October 2025, down by $2/t against the previous assessment on 03 October.

One fresh booking was heard concluded by a western India-based mill this week, while bid-offer disparities prevented further trade activities. Notably, 75,000 t of Australian-origin PHCC was booked by the mill at around $203/t CFR India for end-October shipment.

Rationale

BigMint’s coking coal index is derived using data points, i.e., trades, offers, bids, and indicative prices.

One deal was heard concluded. Hence, it was considered for index computation and given a weightage of 50%.

Eight (9) firm offers, bids, and indicative prices were heard. Out of these, seven (7) were considered for price calculation and given 50% 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. Indian met coke prices edge higher w-o-w; market conditions remain mixed: India’s metallurgical coke (met coke) market displayed mixed momentum during the week ending 9 October 2025. Prices in eastern India firmed slightly, while western offers remained stable amid limited trade activity. In eastern India, BF-grade (25-90 mm) met coke was assessed at INR 29,900/t ex-Jajpur, marking a rise of INR 400/t w-o-w. Market participants reported a deal of around 5,000 t at INR 30,500/t ex-Jajpur. The uptick was attributed to expectations of improved steel demand following the festive season, ongoing anti-dumping discussions on imported met coke, and wet weather disruptions in Australia, which constrained coking coal shipments.

2. Chinese steel mills approve first coke price hike ahead of National Day holiday: Chinese steel mills accepted the first coke price hike before the National Day holiday, raising wet and dry-quenching coke prices by RMB 50-55/t and top-charging coke by RMB 70-75/t from 1 October. The move follows higher feed coal costs and stable blast furnace operations. Coke producers saw margins turn positive amid steady post-holiday market expectations.

3. Indian primary mills hike rebar prices by up to INR 1,000/t ($11/t) for early-Oct’25: Indian primary mills have increased rebar prices by up to INR 1,000/t ($11/t) for early-October 2025 deliveries as against prices prevailing in end-September, sources informed BigMint. Post-revision, list prices stood at INR 47,000-48,500/t ($530-546/t) on landed basis. It should be noted that mills had offered discounts/rebates to augment sales last month. In the projects segment, prices opened at INR 46,500-47,500/t ($524-535/t) FOR Mumbai basis for early-October dispatches.