India: BigMint’s coking coal index remains stable w-o-w amid Christmas holidays

• Heavy rains in Australia keep coking coal prices supported
• Trade-level HRC prices surge following mills’ price hikes

BigMint’s premium hard coking coal (PHCC) index was assessed at $238/tonne (t) CNF Paradip, India, on 26 December, stable against the previous assessment on 19 December 2025.

“The market remained quiet this week, with the global market witnessing less trading activity amid the Christmas holidays. Coking coal prices remained supported as heavy rains in Australia’s Moranbah region disrupted mining operations and logistics,” said a trader.

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 influencing imported coking coal prices

Indian met coke prices remain stable: The Indian BF-grade metallurgical coke (met coke) market was largely unchanged during the week ending 24 December 2025. BF-grade met coke (25-90 mm) was assessed at INR 32,000/t ex-Jajpur, unchanged w-o-w. Meanwhile, in western India, BF-grade met coke prices were unchanged w-o-w at INR 29,800/t ex-Gandhidham. In contrast, foundry-grade met coke prices fell by INR 600/t w-o-w to INR 35,200/t ex-Rajkot, reflecting weak offtake from the foundry segment.

Market sentiment was cautious as rising raw material costs were offset by weak downstream demand, which limited any significant price rise.

Australian PHCC prices remain at over 1-year high: Australian PHCC prices have been hovering at levels highest since August 2024. Prices inched up by $1/t to $218/t FOB this week against $217/t FOB last week.

HRC prices surge: Trade-level prices of hot-rolled coils (HRCs) in India surged w-o-w on 26 December. BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) rose by INR 1,900/t ($21/t) w-o-w to INR 49,000/t ($546/t) as assessed on 26 December 2025. This followed a second round of price hikes in mid-December following a price roll-over earlier in the month.