- Port stocks down 2% w-o-w, Mangalore and Krishnapatnam exceptions
- Adani builds inventory while Agarwal Coal trims portside holdings
India’s portside thermal coal inventories declined marginally 1.8% w-o-w to 11.88 mnt in week 37 from 12.10 mnt in week 36. Inventories have hit a six-month low, as per provisional data maintained with BigMint. Arrivals remained sluggish, with muted demand from steel and sponge iron producers discouraging new bookings. Elevated import offers and weak trade activity continued to weigh on portside replenishment.
Port-wise trends
In the east, Paradip slipped to 1.41 mnt from 1.52 mnt, down 7.2%, while Vizag fell to 0.90 mnt from 1.07 mnt, marking a 16.1% drop. Gangavaram eased to 0.14 mnt from 0.20 mnt, down 26.9%, and Dhamra slipped to 0.75 mnt from 0.82 mnt, lower by 8%. Haldia, however, inched up to 0.11 mnt from 0.09 mnt, an increase of 17.4%.
In the south, Tuticorin dropped to 0.75 mnt from 0.83 mnt, lower by 10.5%, and Kakinada fell to 0.25 mnt from 0.34 mnt, down 27.1%. Karaikal slipped to 0.06 mnt from 0.09 mnt, falling 33.3%. Mangalore rebounded strongly to 0.66 mnt from 0.16 mnt, up 322.6%, while Krishnapatnam surged to 0.33 mnt from 0.14 mnt, up 134.6%.
On the west coast, Navlakhi fell to 1.06 mnt from 1.24 mnt, down 14.2%, while Kandla eased to 0.76 mnt from 0.86 mnt, down 11.5%. Mundra slipped marginally to 0.85 mnt from 0.88 mnt, down 3.3%. Hazira remained steady at 2.07 mnt compared with 2.07 mnt last week. Magdalla dropped to 0.46 mnt from 0.54 mnt, lower by 15.2%, while Tuna rose to 0.12 mnt from 0.08 mnt, higher by 41.8%. Jamnagar inched up to 0.07 mnt from 0.06 mnt, up 13.9%.
Company-wise movements
Adani Enterprises’ inventories increased to 3.02 mnt from 2.88 mnt, higher by 4.8%. In contrast, Agarwal Coal’s stock dropped to 1.11 mnt from 1.25 mnt, down 11.3%, showing a divergence in stocking strategies between the two traders.
Market overview
South African portside thermal coal prices are under heavy pressure this week as traders pushed to clear stocks before the 22 September GST change. At Vizag, RB2 slipped by INR 650/t to INR 7,750/t and RB3 fell INR 500/t to INR 6,800/t, while Gangavaram RB2 dropped INR 400/t to INR 7,900/t. Export offers softened slightly, with RB2 at $71/t FOB and RB3 at $60/t. Sponge iron demand stayed muted, with BigMint’s C-DRI Rourkela index up by INR 150/t w-o-w to INR 26,200/t on 12 September. Market sentiment remains cautious until the GST transition passes.
Indonesian thermal coal prices at Indian ports slipped this week as traders rushed to clear stocks ahead of the cess removal on 22 September. BigMint assessed 5000 GAR at INR 6,950/t ex-Kandla and INR 6,850/t ex-Vizag, down INR 150/t w-o-w. Meanwhile, 4200 GAR eased INR 50/t and 3400 GAR dropped INR 200/t at Navlakhi. Rupee weakness and softer freights further weighed on market sentiment.
Leave a Reply