India: Thermal coal port stocks decline by 4% w-o-w in week 4, CY’25

• Agarwal Coal, Adani’s inventories decline w-o-w
• Stocks at Gangavaram, Mundra ports fall w-o-w

Thermal coal inventories at Indian ports dropped by 4% to 13.34 million tonnes (mnt) in week 4 of CY’25 from 13.89 mnt in week 3, as per BigMint’s data.

Company-wise break-up

• Adani Enterprise: Stocks decreased by 7.5% to 3.49 mnt in week 4 from 3.77 mnt in the preceding week.
• Agarwal Coal: Inventories fell by 5% to 1.30 mnt in week 4 from 1.37 mnt in week 3.

Port-wise break-up

• Paradip: Stocks rose 8.2% to 1.66 mnt in week 4 from 1.53 mnt in week 3.
• Vizag: Inventories increased by 5.8% to 0.96 mnt in week 4 from 0.91 mnt in the previous week.
• Haldia: Stocks climbed up by 5% w-o-w to 0.40 mnt in week 4 from 0.38 mnt.
• Mangalore: Inventories edged up by 3.3% w-o-w to 0.73 mnt in week 4 from 0.70 mnt.
• Gangavaram: Stocks declined by 7.6% to 0.46 mnt in week 4 from 0.50 mnt in the previous week.
• Mundra: Inventories plummeted 21% w-o-w to 0.69 mnt in week 4 from 0.87 mnt.

Market overview

India’s portside prices of South African thermal coal remained stable last week amid low buying interest. RB2 (5500 NAR) stood at INR 8,800/tonne (t) and RB3 (4800 NAR) at INR 7,300/t, both ex-Gangavaram. Sponge iron producers reduced or halted output, leading to weak demand. Many buyers opted for domestic coal or drew from existing inventories. South African RB2 export prices were steady w-o-w at $82/t FOB, while RB3 slipped by $0.5/t w-o-w to $61.5/t FOB. Domestic coal prices also dipped slightly, with cautious market sentiment persisting amid improved supply from SECL’s auctions.