- Mundra stocks rise sharply; several western ports see drawdown
- Coking coal inventories recover at Paradip and Krishnapatnam
Coal inventories at Indian ports covered by BigMint’s week 40 assessment increased by 0.09 mnt, or 0.5%, to 18.44 mnt during 27 September-3 October 2026.
Non-coking stocks edged up 0.2% to 13.07 mnt, while coking coal inventories increased 1.3% to 5.37 mnt, reversing part of the previous week’s decline.
The broadly stable total conceals substantial changes between ports. Mundra’s inventory increased by 0.63 mnt, while stocks across the remaining covered ports collectively declined by 0.53 mnt. The week therefore points to concentrated replenishment alongside continued drawdowns elsewhere.
Stocks at key ports
Mundra drives the stock increase
Mundra’s non-coking inventories increased by 0.66 mnt, or 40.6%, to 2.29 mnt. This more than offset a 0.03 mnt decline in its coking coal holdings.
The receiver assessment attributes most of the non-coking build to CGPL/Tata, whose stocks increased from 0.39 mnt to 0.90 mnt. Adani Enterprise holdings rose by approximately 0.12 mnt, while Adani Power stocks increased by 0.03 mnt.
This reverses the previous week’s pattern, when Mundra recorded a substantial drawdown. Its latest increase alone exceeded the net rise in national non-coking inventories: excluding Mundra, covered non-coking stocks declined by approximately 0.64 mnt.
Mangalore also replenished, with non-coking stocks increasing 21.4% to 0.77 mnt. Higher JSW Steel holdings accounted for most of the increase.
Previous western stock builds begin to unwind
Magdalla and Kandla, which accumulated coal in week 39, both recorded reductions in week 40.
Magdalla stocks fell by 0.11 mnt to 0.64 mnt, while Kandla declined by 0.08 mnt to 0.78 mnt. Both remained above their levels before the previous week’s build, indicating a partial unwinding.
Navlakhi inventories declined by 0.15 mnt to 0.67 mnt, with reductions across several major holders. Hazira fell by 0.18 mnt to 2.21 mnt, while Dahej declined by 0.04 mnt to 0.96 mnt.
These movements suggest continued onward clearance across several western ports. However, stock changes alone cannot establish evacuation volumes or clearance speed, because arrivals also influence closing inventories.
Coking recovery centres on Paradip and Krishnapatnam
Paradip became the largest overall stockholding port in the assessment at 2.47 mnt. Its coking inventories increased by 0.17 mnt to 1.26 mnt, driven largely by higher SAIL holdings.
Krishnapatnam’s coking stocks increased by 0.12 mnt to 0.15 mnt. This outweighed a 0.05 mnt reduction in non-coking inventories, lifting its combined stock to 1.17 mnt.
These builds offset continued depletion elsewhere. Dhamra’s coking stocks fell by 0.11 mnt to 1 mnt, while Haldia declined by 0.06 mnt to 0.71 mnt. Vizag recorded a smaller reduction to 1.01 mnt after the previous week’s sharp drawdown.
The recovery therefore reflects replenishment at selected ports rather than a uniform increase across steel-linked locations.
Arrivals indicate active evacuation at several ports
Combining identified completed imports with stock movements provides an indication of onward activity.
At Navlakhi, approximately 0.12 mnt of identified arrivals accompanied a 0.15 mnt stock reduction, implying onward movement of around 0.27 mnt. Gangavaram received approximately 0.28 mnt while stocks increased only 0.02 mnt, indicating movement of approximately 0.26 mnt.
Krishnapatnam’s identified arrivals of 0.36 mnt, against a 0.07 mnt stock increase, imply movement of around 0.29 mnt. Dhamra’s 0.08 mnt of identified arrivals alongside a 0.23 mnt drawdown indicate approximately 0.31 mnt.
These are indicative calculations, not reported despatch figures. The lineup snapshot runs through 2 October, while stocks cover the week ending 3 October. Receipts coverage and timing may differ, and coastal movements may be absent.
BigMint assessment
Week 40 shows a redistribution of port inventories. Mundra’s replenishment masked drawdowns across many other locations, while the previous builds at Magdalla and Kandla began to clear.
The next test is whether Mundra’s additional stocks move onward and whether drawdowns continue at western trading ports. At steel-linked ports, replenishment at Paradip and Krishnapatnam will need to be assessed alongside continuing depletion at Dhamra and Haldia.
A stable national total can conceal substantial local tightening. Port-level arrivals and evacuation will therefore remain more informative than the aggregate stock change alone.
Source and method: BigMint week 40 port stock assessment, receiver-level workbook and vessel lineup through 2 October 2026. Stocks and movement estimates are provisional.
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