India: BigMints coking coal index falls $5 w-o-w as trade remains subdued
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- Australian coking coal FoB offers correct downwards w-o-w
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- India’s coking coal imports remained largely stable m-o-m in Jan’26
BigMint’s premium hard coking coal (PHCC) index was assessed at $249/tonne (t) CNF Paradip, India, on 13 February 2026, down by $5/t against the previous assessment on 06 February last.
Prices appear to be softening. With rains in Australia having subsided and Chinese buying interest muted due to ongoing holidays, the market seems to be attempting a pushback against earlier elevated price levels,” a market participant told BigMint.
Mining disruptions, owing to heavy rainfall from Cyclone Koji, had prompted a few miners to go for force majeure which pushed up offers since end Jan’26. Australia’s coking coal exports stood at 11.21 million tonnes (mnt) in January 2026, marking a 19% month-on-month (m-o-m) decline from 13.86 mnt in December 2025, as per data maintained with BigMint.
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:
India’s coking coal imports remain rangebound m-o-m: India’s coking coal imports were recorded at 5.9 mnt in Jan’26 as per provisional vessel line up data maintained with BigMint. Volumes in Dec’25 were recorded at 5.6 mnt in Dec’25.
Indian met coke prices strengthen on firm import parity: Indian blast furnace (BF) grade metallurgical coke prices recorded a week-on-week increase as of 11 February, supported by firm raw material costsand firmer imported met coke offers. In eastern India, BF-grade coke (2590 mm) prices rose by INR 500/t to INR 34,800/t ex-Jajpur, reflecting stronger cost pressures and improved trade sentiment. Fresh offers from a few players were even heard around INR 35,500-36,000/t exw Jajpur.
Australian coking coal FoB offers drop w-o-w: With China turning quiet ahead of Spring holidays and Australian supplies returning to normalcy gradually, prices dropped by $5 w-o-w
Outlook:
Trade sources expect the coking coal prices to remain stable or inch downwards in a week’s time given the expected absence of Chinese buyers due to holidays and supply normalcy from Australia.
