India: Thermal coal port stocks remain largely stable w-o-w in week 34, 2024

• Adani's coal stocks stable, Agrawal Coal's rise by 6% w-o-w
  
  
• Paradip port's stocks up 2%, Magdalla, Dhamra ports decline
  
  

Non-coking or thermal coal stocks at Indian ports were at 14.55 million tonnes (mnt) in week 34 against 14.64 mnt in week 33, stable w-o-w, as per data compiled by BigMint.

Company-wise break-up

• Stocks held by Adani Enterprises remained largely stable at 4.52 mnt in week 34 against 4.54 mnt in week 33.
  
  
• Agrawal Coal's port stocks rose by 6% w-o-w to 1.33 mnt in week 34 compared to 1.26 mnt in week 33.
  
  

Port-wise break-up

• Stocks at Paradip port rose by 2% to 1.55 mnt in week 34 compared to 1.52 mnt last week.
  
  
• Magdalla and Dhamra ports saw a decrease in stocks by 10% and 7% to 0.94 mnt and 1.05 mnt in week 34 compared to 1 mnt and 1.16 mnt, respectively, in the last week.
  
  
• Mundra port's thermal stocks were at 1.24 mnt in week 34, up by 9% w-o-w and Vizag port's stock dropped by 6% to 0.75 mnt in week 34.
  
  

Market overview- Portside prices of South African RB2 (5500 GAR) coal in India remained steady at INR 9,650/tonne (t) ex-Gangavaram. Similarly, RB3 (4800 GAR) coal prices at Gangavaram and Vizag ports remained stable at INR 7,700-7,750/t. Transactions were limited due to lower bids from buyers, reflecting subdued market activity.

Induction furnace (IF) rebar manufacturers attempted to raise rebar prices by INR 300-500/t ($4-6/t) across markets at the start of the week, with trade prices following suit. However, the market, which has been on a downtrend for the past few weeks, has reached three-year lows. Meanwhile, mills have reduced production by 25% due to rising inventories.