India: Thermal coal port stocks largely stable w-o-w in week 33, 2024

Non-coking or thermal coal stocks at Indian ports were at 14.64 million tonnes (mnt) in week 33 against 14.45 mnt in week 32, stable w-o-w, as per data compiled by BigMint.

Company-wise break-up

• Stocks held by Adani Enterprises dropped 5% to 4.54 mnt in week 33 against 4.75 mnt in week 32.
  
  
• Agrawal Coal's port stocks rose by 14.5% w-o-w to 1.26 mnt in week 33 compared to 1.1 mnt in week 32.
  
  

Port-wise break-up

• Stocks at Paradip port dropped by 4% to 1.52 mnt in week 33 compared to 1.57 mnt last week.
  
  
• Magdalla and Dhamra ports saw a decrease in stocks by 11% and 10% to 1 mnt and 1.16 mnt in week 33 compared to 1.12 mnt and 1.29 mnt, respectively, last week.
  
  
• Mundra port's thermal stocks were at 1.14 mnt in week 33, up by 17% w-o-w and Vizag port's stock rose by 8.2% to 0.79 mnt in week 33.
  
  

Market overview - South African coal RB2 prices remained stable at INR 9,650/tonne (t) ex-Gangavaram, while RB3 (4800 GAR) prices were reported at INR 7,700-7,750/t across Gangavaram and Vizag ports. The coal trade was subdued, primarily due to low interest from major buyers, driven by weak industrial demand and slow construction activity amid ongoing rains. Thermal coal imports fell to a six-month low of 14.9 mnt in July. Despite the stability in prices, some bids have dropped to INR 9,300/t, suggesting potential price declines in the near future.