India coking coal imports rise in January despite high prices
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- Imports up m-o-m and y-o-y
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- Australia share stable at 2.9 mnt
India’s coking coal imports increased to a four-month high of 5.9 mnt in January 2026, up 5.4% m-o-m from 5.6 mnt in December 2025 as mills actively restock material ahead of the seasonally strong fourth quarter of the financial year, driven by a rise in steel prices. On a y-o-y basis, volumes were 3.5% higher compared with 5.7 mnt in January 2025. The rise in imports came even as global coking coal prices remained elevated during the month.
Top exporters:
Australia remained the largest supplier at 2.9 mnt in January, unchanged m-o-m but down 14.7% y-o-y from 3.4 mnt. Russia supplied 1.2 mnt, rising 50% m-o-m from 0.8 mnt and increasing 71.4% y-o-y from 0.7 mnt.
US volumes declined 33.3% m-o-m to 0.8 mnt from 1.2 mnt in December, though they were 14.3% higher y-o-y. Mozambique contributed 0.6 mnt, up 20% y-o-y. Indonesia saw the sharpest decline, with shipments falling 87.5% m-o-m to 0.1 mnt from 0.8 mnt in December and down 66.7% y-o-y from 0.3 mnt.
Top buyers:
JSW Steel was the largest importer at 1.4 mnt in January, up 16.7% m-o-m from 1.2 mnt. Tata Steel increased purchases to 1.2 mnt, rising 50% m-o-m from 0.8 mnt.
SAIL reduced imports by 16.7% m-o-m to 1.0 mnt from 1.2 mnt. Jindal Steel lowered volumes by 20% m-o-m to 0.4 mnt from 0.5 mnt. The data indicates selective restocking by major integrated steelmakers during the month.
Market overview for prices:
BigMint’s premium hard coking coal index average $250 per t CNF Paradip in January 2026, up 7.8% from $232 per t in December 2025. Prices remained high during January, supported by mining disruptions in Australia due to heavy rainfall, which tightened spot availability and lifted offers.
Australia’s coking coal exports declined 19% m-o-m to 11.21 mnt in January from 13.86 mnt in December, reflecting weather-related supply constraints. Elevated price levels, alongside steady import volumes, suggest that Indian steelmakers maintained procurement despite higher replacement costs.
HRC, exy-Mumbai increased sharply in January 2026 to an average of INR 52,000/t from INR 47,000/t in December 2025, reflecting a strong m-o-m rise in flat steel prices.
Rebar, exy-Mumbai also increased sharply in January 2026 to an average of INR 54,500/t from INR 47,750/t in December 2025, indicating firm long steel demand and improved trade sentiment.
