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

• Aus-India vessel freight rates drop w-o-w in recent fixtures
  
  
• Indian steel prices remain under pressure on cautious buying
  
  

BigMint's premium hard coking coal (PHCC) index was assessed at $268/tonne (t) CNF Paradip, India, on 12 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.

"Haven't heard of any India-specific deals so far. It seems the market is relatively muted at this stage. However, a miner concluded a deal yesterday for PD July 20-29 loading at $243/mt FOB for 75 kt", quoted a trader.

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.

Factors influencing prices

Australia-India vessel freights drop w-o-w: India's dry bulk coal freight market showed mixed trends in the assessment week ended 12 June 2026. Atlantic basin routes remained supported by tightening prompt vessel availability and firmer enquiry levels, while Pacific Panamax sentiment stayed under pressure amid limited cargo visibility and ample tonnage. Panamax vessel freight assessment of BigMint from Haypoint, Australia to Paradip, India was recorded at $23.5/t, down $1.3 w-o-w.

Indian domestic coke market remains stable amid comfortable availability:In contrast to the volatility seen in imported markets, India's domestic BF-grade metallurgical coke market remained largely stable during the week. Adequate material availability, balanced supply-demand conditions, and comfortable inventory levels across key steelmaking regions prevented any major price escalation despite rising import parity costs. Eastern India prices remained unchanged at INR 36,700/t ex-Jajpur, while western India witnessed a marginal increase of INR 500/t to INR 34,000/t ex-Gandhidham, supported by localized demand and replacement cost pressures. Foundry-grade coke prices also remained stable at INR 36,400/t ex-Rajkot, reflecting steady consumption from foundry units and sufficient market supply.

Indian HRC prices remain range-bound amid bearish market conditions: Trade-level prices of hot-rolled coils (HRC) in India remained largely range-bound during the week ended 9 June 2026, with offers reported in the range of INR 56,200-59,400/t ($589-6236/t). The market continued to witness cautious buying activity, as demand was primarily driven by immediate requirements.