India: BigMint's coking coal index inches down in absence of firm trades

• Aus-India vessel freight rate drops on falling crude oil futures
  
  
• India records sharp increase in monthly coking coal imports in May'26
  
  

BigMint's premium hard coking coal (PHCC) index was assessed at $267/tonne (t) CNF Paradip, India, on 19 June 2026, down by $1 w-o-w. Sufficient inventories and drop in steel prices have held back Indian mills from bidding aggressively for coking coal.

BigMint has consolidated its PHCC CFR India Index to include material of all origins, including US, Canada, Mozambique, Australia -- normalised for quality and freight. With India steadily reducing its reliance on Australian PHCC and increasing imports from alternative sources, this update ensures the index accurately reflects evolving market dynamics and trade flows.

India's coking coal imports increased 12% m-o-m to 7.5 mnt in May from 5.7 mnt in April on arrival of previously booked cargoes, as per provisional data maintained with BigMint. Arrival of earlier bookings pushed imports higher. Australia remained the largest supplier at 3.7 mnt followed by Russia and US. SAIL remained the largest importer followed by JSW Steel and Tata Steel. Sufficient inventories kept fresh coking coal import inquiries slow.

Factors influencing prices

Australia-India vessel freights drop w-o-w: India's dry bulk coal freight market remained mixed in the assessment week ended 19 June 2026. The Panamax segment stayed under pressure amid subdued Pacific cargo demand and ample prompt vessel availability, while tighter tonnage and steady Atlantic enquiries helped cushion the downside. Panamax vessel freight assessment of BigMint from Haypoint, Australia to Paradip, India was recorded at 21.9/t, down $1.6 w-o-w.

Indian domestic coke market remains stable: Indias domestic BF-grade met coke market remained largely stable during the week, supported by sufficient availability, balanced demand-supply conditions, and comfortable inventory levels across major steel-producing regions. Eastern India BF-grade coke prices declined by INR 200/t to INR 36,500/t ex-Jajpur, while western India prices remained steady at INR 34,000/t ex-Gandhidham due to localized demand support. Foundry-grade coke prices also remained unchanged at INR 36,400/t ex-Rajkot, supported by consistent consumption from foundry units and adequate supply availability.

Indian HRC prices remain stable amid slow trading activity - India's trade-level HRC prices were largely unchanged during the week ended 16 June 2026, with market offers hovering between INR 55,700-59,500/t ($589-629/t). Trading activity remained subdued as weak demand and cautious buying sentiment continued to limit market momentum. BigMint's bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) in Mumbai remained unchanged w-o-w at INR 58,300/t ($617/t) as of 16 June. Likewise, the benchmark assessment for CRC (IS513, Gr O, 0.9 mm/CTL) was steady at INR 65,200/t ($690/t). All assessments are ex-Mumbai and exclude 18% GST.