India: Thermal coal stocks at ports fall as supplies tighten

• Coal stocks drop at Vizag, Gangavaram, Mundra
• Portside prices of South African coal remain under pressure

Thermal coal inventories at Indian ports dipped 0.9% w-o-w to 11.72 million tonnes (mnt) in week 12 of CY’25, down from 11.83 mnt in the previous week, as per BigMint data. While the overall decline was marginal, significant shifts were observed at key ports.

Key port inventory trends

• At Vizag, stocks dropped 28.8% to 0.47 mnt from 0.66 mnt last week, reflecting higher dispatches.
• Gangavaram’s coal inventory fell 27.4% to 0.15 mnt from 0.21 mnt, indicating reduced arrivals.
• Mundra saw a 17.3% decline, with stocks falling to 0.96 mnt, down from 1.16 mnt.
• At Dhamra, stocks fell 13.4% to 0.87 mnt from 1 mnt, showcasing steady consumption.

On the other hand, some ports recorded inventory buildup:

• Mangalore saw stocks rising 31.9% to 0.67 mnt from 0.50 mnt, showing improved arrivals.
• At Magdalla, inventory climbed 14.2% to 1.83 mnt from 1.61 mnt, supporting regional supply.

Company-wise inventory trends

• Adani Enterprise’s portside stocks dropped 7% to 2.42 mnt, down from 2.61 mnt last week, reflecting higher consumption.
• Agarwal Coal, however, saw a 2.2% increase in stocks, rising to 1.04 mnt from 1.01 mnt, indicating fresh procurements.

Market overview

Portside South African coal prices in India remained stable w-o-w, supported by sponge iron tags and lower import shipments. RB2 (5500 NAR) rose by INR 50/t to INR 8,450/t exw-Gangavaram, while RB3 (4800 NAR) held steady at INR 7,100/t exw. Export offers from South Africa fell, with RB2 down $1.5/t to $76/t FOB and RB3 at $58.5/t FOB. Domestic coal prices fell w-o-w, with 4500 GCV assessed at INR 4,500/t and 5000 GCV at INR 5,100/t exw-Bilaspur. Sponge iron prices rose INR 1,000/t w-o-w to INR 27,400/t exw-Rourkela. Supply tightness may support coal prices going forward.