- Mills actively restock material ahead of peak demand season in Q4
- Sharp steel price gains support higher procurement by Indian mills
India’s coking coal imports increased 5.4% m-o-m to a four-month high of 5.9 million tonnes (mnt) in January 2026 from 5.6 mnt in December 2025 as mills actively restocked material in November-December ahead of the start of the fourth quarter of the financial year. In India, the fourth quarter of the fiscal generally witnesses a pick-up in steel demand and prices.
On a y-o-y basis, volumes were 3.5% higher compared with 5.7 mnt in January 2025. Notably, the rise in imports came even as global coking coal prices surged during January 2026.
Top exporters
Australia remained the largest supplier in January, while Russian shipments surged sharply on both m-o-m and y-o-y bases. Indonesia saw the sharpest decline m-o-m.
Top buyers
Major integrated steelmakers made selective purchases last month.
Price overview in Jan
BigMint’s premium hard coking coal index averaged $250/tonne (t) CNF Paradip in January 2026, up 7.8% from $232/t in December 2025. Prices remained high throughout January, driven by mining disruptions in Australia due to heavy rainfall, which tightened spot availability. Australia’s coking coal exports declined 19% m-o-m to 11.21 mnt in January from 13.86 mnt in December, reflecting weather-related supply constraints.
The moderate increase in Indian imports despite elevated prices suggests strong demand from Indian steelmakers. Sharp steel price gains in January facilitated Indian mills’ higher procurement.
Hot-rolled coil (HRC) prices, exy-Mumbai, increased sharply in January 2026 to an average of INR 52,000/t from INR 47,000/t in December 2025. Meanwhile, rebar, exy-Mumbai, surged in January 2026 to an average of INR 54,500/t from INR 47,750/t in December 2025, amid firm demand and improved trade sentiment.
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