India’s coking coal port stocks increase slightly in week 38, 2024

Coking coal stocks at major Indian ports were assessed at around 4.17 million tonnes (mnt) in week 38 of CY’24, a slight increase of 1.78% from 4.1 mnt in week 37, according to BigMint’s data.

Company-wise break-up

• SAIL’s coking coal port stocks rose 1.34% w-o-w to 1.45 mnt in week 38 from 1.43 mnt in week 37.
• JSW Steel (including Bhushan Power) saw a sharp 60% w-o-w rise in its coking coal stocks, which touched 0.49 mnt this week from 0.3 mnt last week.
• Tata Steel’s stocks increased by 2.85% w-o-w to 0.94 mnt from 0.91 mnt.

Port-wise break-up

• Haldia Port’s stocks rose 7.43% w-o-w to 0.96 mnt in week 38 from 0.89 mnt in week 37.
• Paradip Port’s stocks climbed 2.08% w-o-w to 1.28 mnt from 1.25 mnt.
• Dhamra Port saw a 6.34% w-o-w increase to 1.05 mnt from 0.99 mnt.

Market overview

On 20 September, the BigMint India Composite Steel Index fell yet another 0.3% to close at 129.60 points, a near-four-year low that is close to 11 December 2020’s 128.9 points. The sub-indices fell in tandem w-o-w, with flat steel recording a steeper fall of over 1% and longs a more nominal 0.46%. Lacklustre demand, subdued global prices, piling inventories, and an extended monsoon are weighing on prices.