India: BigMint’s coking coal index inches down w-o-w on thin holiday trading

• • Global coking coal prices stable during New Year holidays

• • Indian steel prices firm up as primary mills lift offers

BigMint’s premium hard coking coal (PHCC) index was assessed at $236/tonne (t) CNF Paradip, India, on 2 January 2026, down by $2/t against the previous assessment on 26 December last.

“The global market witnessed lower trade volumes during the New Year holidays as the market stayed quiet,” said a market participant.

A western India-based mill has booked 30,000t (+/- 10,000t) Australian PHCC at $238/t CFR India last week via trader for mid-January loading.

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:

Indian met coke prices stable, uptick likely: The Indian metallurgical coke (met coke) market witnessed a largely unchanged price trend in the eastern and western regions during the period leading up to 31 December, reflecting a balanced but cautious market sentiment. In eastern India, BF-grade (25-90 mm) coke was assessed at INR 32,000/t ex-Jajpur, unchanged w-o-w. Similarly, in western India, prices remained stable at INR 29,800/t ex-works Gandhidham. Foundry-grade coke prices were also flat at INR 35,200/t ex-Rajkot. Provisional anti-dumping duty was imposed by the Indian government on low-ash metallurgical coke (ash content below 18%) for six months. This is likely to limit imports and support domestic prices in the near term.

Australian PHCC prices stable: Australian PHCC prices have remained stable w-o-w at $218/t FoB on thin activity during holidays. Chinese market sentiments continue to remain weak amidst expectations of a 4th round of coke price cut.

Indian primary mills lift finished steel prices: Leading Indian steelmakers have again raised list prices of hot-rolled coil (HRC) and cold-rolled coil (CRC) by INR 750/t on 30 December after increasing them by 750-1,000/t in mid-December. BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) rose sharply by INR 1,500/t ($17/t) w-o-w to INR 49,800/t ($554/t) on 30 December against INR 48,300 ($537/t) on 23 December.

Indian Tier-I mills increased rebar prices by up to INR 2,000/t ($22/t) during the last week of December 2025, sources informed BigMint. Post-revision, list prices stood at INR 49,000-50,500/t ($545-562/t) on landed basis.