India: Portside thermal coal stocks remain stable w-o-w

• Vizag, Navlakhi ports post sharp inventory gains
• Gangavaram, Krishnapatnam see stocks falling steeply

Thermal coal inventories at Indian ports remained largely stable at 15.35 million tonnes (mnt) in week 23 of CY’25, down marginally by 0.3% from 15.39 mnt in Week 22. The overall balance reflected mixed trends, with a few ports posting sharp gains while others witnessed notable drawdowns.

Port-wise inventory trends

Vizag recorded the highest weekly rise of 30.9% to 1.22 mnt, followed by Navlakhi at 1.17 mnt, up 12.7% w-o-w. Kandla and Dahej posted healthy gains of 8.1% and 8.5%, respectively. Inventory in Tuticorin also inched up 7% to 1.20 mnt. Meanwhile, Gopalpur, though a minor port, registered a 24.3% increase from a low base.

Conversely, Gangavaram posted the steepest fall of 41.5% to 0.32 mnt from 0.54 mnt. In Krishnapatnam inventory dropped 21.8%, while in Haldia and Kakinada stocks slipped 12.5% and 17.7%, respectively.

Other ports like Bhavnagar, Tuna, and Jamnagar also registered declines. Paradip saw a moderate dip of 3.5% to 1.61 mnt.

Company-wise inventory

Adani Enterprise’s portside stocks declined significantly by 13.8% to 3.02 mnt, suggesting lower intake or higher dispatch activity.

Agarwal Coal’s inventory dropped by 5.4% to 1.33 mnt, indicating muted replenishment during the week.

Market overview

South African coal prices at Indian ports declined by INR 50-100/t last week amid weak domestic market sentiments. RB2 was assessed at INR 7,800/t exw-Gangavaram and RB3 at INR 6,850/t, though trades remained scarce.

Buyers placed unrealistic bids, especially for lower-NAR grades. May imports reached 4 mnt, up 12% m-o-m and 58% y-o-y.

Export offers dropped, with RB2 offered at $71/t FOB. Sponge iron prices also weakened, with CDRI down INR 400/t at INR 24,100/t exw-Rourkela w-o-w. Market outlook remained bearish.

Portside Indonesian thermal coal prices in India fell last week amid weak buying interest and sufficient domestic availability. The 5,000 GAR grade slipped by INR 50/t to INR 7,700 at Kandla and INR 7,600 at Vizag, while 4200 GAR dropped to INR 6,050 and INR 5,950, respectively. Power plant coal stocks edged up to 61.17 mnt.

Benchmark Indonesian coal prices declined globally, with 4200 GAR falling by over $2/t. Demand stayed limited, with buyers restricting procurement to near-term needs due to market and economic uncertainty.