India: Portside thermal coal stocks remain stable w-o-w amid muted arrivals, cautious restocking

• East coast ports post selective gains; western ones show mixed momentum
• Adani’s stock dips on slower inflows, Agarwal Coal restocks ahead of winter

India’s portside thermal coal inventories stayed broadly steady this week, easing slightly by 0.7% w-o-w to 13.17 mnt in Week 42 from 13.26 mnt in Week 41. The marginal decline reflected slower vessel arrivals at key west coast ports, while restocking continued moderately ahead of the winter demand phase. Buyers remained cautious, with trading activity limited following the festive lull and subdued industrial consumption.

East coast performance

Dhamra’s inventory rose 5% w-o-w to 1.38 mnt from 1.31 mnt, while Vizag increased 3% to 1.07 mnt from 1.04 mnt. Gangavaram saw a sharp rise of 116% to 0.15 mnt from 0.07 mnt due to improved discharge operations, and Karaikal grew 24% to 0.26 mnt from 0.21 mnt. However, Paradip declined 5% to 1.39 mnt from 1.45 mnt, Haldia slipped 5% to 0.23 mnt from 0.24 mnt, and Krishnapatnam dropped steeply by 63% to 0.10 mnt from 0.25 mnt amid limited arrivals.

West coast trends mixed

Kandla’s stocks climbed 19% to 0.75 mnt from 0.63 mnt, while Magdalla jumped 36% to 0.49 mnt from 0.36 mnt on account of improved vessel handling. Dahej edged up 1% to 1.08 mnt from 1.07 mnt, while Navlakhi slipped 3% to 1.15 mnt from 1.19 mnt. Mundra recorded an 8% fall to 1.05 mnt from 1.15 mnt due to delayed vessel schedules, and Mangalore dropped 17% to 0.49 mnt from 0.59 mnt. Goa’s stock more than doubled to 0.02 mnt from 0.01 mnt, while Jamnagar saw a sharp 77% decline to 0.02 mnt from 0.09 mnt.

Company-wise movement

Adani Enterprises’ stock decreased 5% w-o-w to 3.49 mnt from 3.68 mnt last week as shipments slowed across major terminals. In contrast, Agarwal Coal’s inventory increased nearly 15% to 1.16 mnt from 1.02 mnt, supported by active replenishment at select ports ahead of the seasonal uptick in demand.

Overall sentiment

The market remained steady as most buyers awaited stronger industrial demand recovery following the festive period. Stocks are expected to hover around current levels in the near term before picking up with fresh arrivals next month.