India's coking coal port stocks dip 2% w-o-w - Week 35, 2024

• SAIL's stocks drop, while JSW's remain stable
  
  
• Haldia and Dhamra port stocks decline
  
  

Coking coal stocks at major Indian ports were assessed at around 4.51 million tonnes (mnt) in week 35 of CY'24, a 2% decline from 4.6 mnt in week 34, according to BigMint data.

Company-wise break-up

• SAIL's coking coal port stocks dropped by 8% w-o-w to 1.60 mnt in week 35 against 1.73 mnt in week 34.
  
  
• JSW Steel's (including Bhushan Power's) coking coal stocks largely stable w-o-w at 0.52 mnt during week 35 compared to week 34.
  
  
• Stocks held by Tata Steel increased by 6% w-o-w to 1 mnt in week 35 from 0.94 mnt in week 34.
  
  

Port-wise break-up

• At Haldia port, coking coal stocks dropped by 6% to 1.02 mnt in week 35 against 1.08 mnt in week 34.
  
  
• Paradip port's stocks inched down w-o-w to 1.29 mnt in week 35 from 1.34 mnt in the previous week.
  
  
• Dhamra port's coking coal stocks dropped by 4% to 0.89 mnt in week 35.
  
  

Market overview- Buying activities in finished steel continued to remain weak in the trade segment. Currently, rebar (12-32mm, Fe500D, and Fe550D) prices in the trade segment rose by INR 700/t ($8/t) w-o-w to INR 50,300/t ($599/t) exy-Mumbai, excluding 18% GST. India's tier 1 mills have raised list prices of blast furnace (BF) rebar by INR 750-1,000/tonne ($9-12/t) during the week.

Current prices of hot-rolled coils (HRCs) (2.5-8mm, IS2062, Gr E250 Br) ex-Mumbai fell by INR 300/t ($3.57/t) to INR 50,300/t ($599/t). Also, cold-rolled coils (CRCs) (0.9mm, IS513 CR1) ex-Mumbai fell by INR 100/t ($1.19/t) to INR 57,300/t ($682/t). All prices exclude 18% GST. The market was characterised by surplus inventory and cautious buyer sentiment leading to limited trading activity.

The upcoming mill list price announcement has prompted a wait-and-see approach among participants.