India: Portside thermal coal stocks rise further w-o-w amid steady vessel arrivals

• Vizag, Dhamra record double-digit gains
  
  
• Haldia, Mangalore stocks drop on slow offtake
  
  

Thermal coal stocks at Indian ports rose further by 3% w-o-w to 15.40 million tonnes (mnt) in Week 22 of CY'25, up from 15 mnt in Week 21. The increase came on the back of higher vessel arrivals at key ports, despite tepid end-user demand and cautious offtake in the sponge iron sector.

India imported almost 4 mnt of South African thermal coal in May 2025, up 12% m-o-m from 3.32 mnt in April. On a y-o-y basis, India's imports surged 58% compared to 2.35 mnt in May 2024.

Port-wise inventory changes

Vizag registered a notable 20% increase in stocks to 0.93 mnt from 0.78 mnt, while Dhamra saw an 18% rise to 1.09 mnt from 0.92 mnt. Kandla recorded a 16% gain to 0.97 mnt from 0.83 mnt, and Hazira (Adani) observed a 12% increase to 1.01 mnt from 0.90 mnt. Gangavaram's stock rose by 9% to 0.54 mnt from 0.50 mnt, whereas Magdalla posted a marginal rise of 3.6% to 2.25 mnt from 2.18 mnt. Tuticorin and Karaikal also witnessed moderate increases, while Kakinada saw the highest percentage rise at 77%, albeit from a lower base.

Conversely, some key ports recorded a drop in inventories. Haldia's stock declined by 19% to 0.50 mnt from 0.61 mnt w-o-w, while Mangalore registered a 12.5% fall to 0.93 mnt from 1.06 mnt. Paradip experienced a slight decrease of 1.7% to 1.67 mnt from 1.70 mnt, and Mundra dipped by 4.4% to 0.72 mnt from 0.75 mnt. Other ports like Jamnagar, Krishnapatnam and Muldwaraka also recorded noticeable declines.

Company-wise inventory trends

Adani Enterprise's inventory inched up 1% w-o-w to 3.50 mnt from 3.46 mnt, reflecting stable replenishments. Agarwal Coal's stocks rose over 5% to 1.41 mnt, suggesting stronger intake activity during the week.

Market overview

South African thermal coal prices in India remained under pressure this week. As per BigMint's latest assessment, RB2 (5500 NAR) was assessed at INR 7,900/t exw-Gangavaram, unchanged w-o-w. RB3 (4800 NAR) also remained flat at INR 6,900/t. Prices remained at four-year lows, with limited buying interest due to the monsoon keeping trade volumes thin.

Indonesian thermal coal prices at Indian ports remained under pressure this week, as market conditions continued to be influenced by persistently weak demand, improved domestic coal availability, and increased vessel arrivals.