India: Coking coal imports rise 7% m-o-m in Nov'24

• Imports from Australia inch up m-o-m to 2.2 mnt
  
  
• JSW Steel emerges as leading importer at 1.1 mnt
  
  

India's coking coal imports increased by 7% m-o-m to 4.6 million tonnes (mnt) in November 2024 from 4.3 mnt in October. However, this volume marks a 6% decline compared to 4.9 mnt in November 2023.

Australian, Indonesian imports dominate

Australia maintained its position as India's leading coking coal supplier, with imports rising slightly to 2.2 mnt in November from 2.1 mnt in October. Indonesian imports rose to 0.6 mnt from 0.1 mnt over the same period. Shipments from Mozambique and Russia remained stable m-o-m at 0.5 mnt and 0.6 mnt, respectively.

JSW Steel remains leading importer

JSW Steel continued to be the largest importer, with 1.1 mnt received in November. It was followed by SAIL (1 mnt) and Tata Steel (0.8 mnt).

Port-wise imports

Paradeep maintained steady volumes at 0.8 mnt. Gangavaram's imports increased to 0.7 mnt in November from 0.6 mnt in October. Other ports, including Haldia and Jaigarh, recorded imports of 0.7 mnt each, reflecting stability in port activity.

India's crude steel production rose in this fiscal. For the April-October 2024 period, cumulative crude steel output increased by 3% y-o-y to 84.944 mnt, compared to 82.471 mnt in the same period of the previous year.

In November, coking coal prices were at $220/tonne (t), unchanged from October. Muted demand from India, a softened Chinese market, and weaker trade activities weighed on offers, and buyers were reluctant to raise their bids. Market participants also remained cautious, waiting for clearer direction on prices. Additionally, unsold cargoes came into the market in the middle of the month, leading to surplus supply.

Outlook

The continued growth in India's coking coal imports highlights sustained demand from the steel sector. With stable contributions from Australia and Russia and rising imports from Indonesia, India's ability to adapt to evolving supply trends underscores the robustness of its sourcing strategies.