India’s coking coal port stocks rise slightly in week 29, 2024

• Port stocks of JSW Steel rise 59% w-o-w
• SAIL’s coking coal port stocks largely stable

Total coking coal stock at major Indian ports in week 29 under review was around 5.47 million tonnes (mnt), BigMint assessed that by the end of week, coking coal stock had increased by 2.35% w-o-w against week 28.

Company-wise break-up

• JSW Steel witnessed an increase in its coking coal stocks by 59% w-o-w during week 29 to 0.51 mnt from 0.32 mnt in week 28.
• Stocks held by Tata Steel decreased by -5% to 0.96 mnt in week 29 from 1.01 mnt in week 28.
• SAIL’s coking coal port stocks are largely stable at 1.98 mnt in week 29.

Port-wise break-up

• At Haldia Port coking coal stocks dropped by -1.63% to 1.28 mnt in week 29.
• Paradip Port’s stocks increased by 2.24% w-o-w to 1.20 mnt in week 29 from 1.17 mnt in week 28.
• Dhamra Port’s coking coal stocks decreased by -11.21% w-o-w to 1.22 mnt in week 29 from 1.37 mnt in week 28.

Market overview

Longs are obviously on a stickier wicket amid the monsoon rains which have hugely restricted outdoor construction activities, dragging down longs sales. Thus, trade-level rebar prices, last week, fell by INR 800-2,000/tonne (t) ($10-24/t) across regions to their four-week lows. The benchmark rebar price, ex-Mumbai, fell by a steep INR 2,000/t ($24/t) to INR 52,300/t ($624/t), as demand remained weak, as in the previous few weeks.

Trade-level hot rolled (HR) and cold rolled (CR) coil prices remained range-bound amid cheap imports influx. Benchmarked HRCs, ex-Mumbai and minus the 18% GST, fell by INR 300/t ($4/t) w-o-w to INR 52,200/t ($623/t) on 16 July. However, CRCs went up marginally by INR 200/t ($2/t) to INR 59,800/t ($714/t).