- India’s Aug’26 coking coal imports drop by over 20% m-o-m
- Finished steel prices in India surge on supply constraints, cost push
BigMint’s premium hard coking coal (PHCC) index was assessed at $299/tonne (t) CNF Paradip, India, on 04 September 2026, up by $19/t w-o-w. The index has rallied significantly in the past three weeks. Notably, in the previous week, the index hit its highest level since its launch in end-August 2024, as per data maintained with BigMint.
The increase was driven by stronger demand in the global market, with supply constraints in China prompting buyers to resort to imports. “Coking coal prices are being driven by China rally. The Indian market seems to be quiet at the moment,” stated a market participant.
China faces supply squeeze
Notably, Chinese domestic coking coal production remained constrained during August following mine accidents, safety inspections and slower mine restarts across Shanxi and other mining regions.
Imports from Mongolia also weakened. Coal haulage through Ganqimaodu averaged 986 trucks/day during 17-23 August, down 7.9% w-o-w, compared with around 1,300 trucks/day in July and roughly 1,400 trucks/day during May-June. Mongolia supplies more than 60% of China’s metallurgical coal imports.
Indian coking coal imports fall in Aug’26
India’s coking coal imports decreased by over 20% m-o-m to 5.4 mnt in August, as per provisional data maintained with BigMint. Australian, Russian, US and Mozambican coking coal featured in the August vessel programme, supplying major Indian steel producers. Notably, India’s coking coal imports from Australia have fallen from 3.5 mnt in July to 2.2 mnt in August amidst mills’ diversifications strategies to manage steel margins.
Domestic steel prices surge
Finished steel prices in India have also witnessed an increase due to higher raw material cost. Indias trade-level BF-route rebar prices increased by INR 2,200/t ($23/t) w-o-w to INR 57,200/t ($606/t) ex-Mumbai, according to BigMint’s assessment on 4 September 2026. The steel market witnessed improved trading activity during the week, with buyers returning for replenishment amid strengthening price sentiment. Market participants reported increased booking activity as buyers sought to cover near-term requirements ahead of expectations of further price increases.
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.
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