India's coking coal port stocks dip by 10% w-o-w - Week 32

• Stocks of SAIL, Tata Steel drop, JSW's stock inches up
  
  
• Steel prices continue to remain under pressure
  
  

Total coking coal stocks at major Indian ports in week 32 stood at around 4.84 million tonnes (mnt), as per BigMint's assessment. Stocks fell by 10% w-o-w compared to 5.36 mnt assessed in week 31.

Company-wise break-up

• SAIL's coking coal port stocks drop by 12% w-o-w to 1.85 mnt in week 32 against 2.09 mnt in week 31.
  
  
• JSW Steel's coking coal stocks rose by 9% w-o-w to 0.35 mnt during week 32 compared to week 31.
  
  
• Stocks held by Tata Steel dropped 8.3% w-o-w to 0.85 mnt in week 32 from 0.93 mnt in week 31.
  
  

Port-wise break-up

• At Haldia Port, coking coal stocks drop by 16.4% to 1.15 mnt in week 32 against 1.38 mnt in week 31.
  
  
• Paradip Port's stocks are largely stable w-o-w to 1.28 mnt in week 32 from 1.29 mnt in the previous week.
  
  
• Dhamra Port's coking coal stocks dropped by 11.14% to 1.04 mnt in week 32.
  
  

Price overview: The BigMint India Steel Composite Index fell further to 134 points, a drop of 1.1% for the week ended 9 August, 2024. The index is now hovering at more than three-and-a-half year lows and in the vicinity of the Covid-19 levels of late 2020-early 2021. Indian tier 1 mills reduced rebar list prices by INR 2,500-3,000/t ($30-36/t) m-o-m for early-August 2024 sales. Flat steel prices too fell, current list prices of benchmark HRCs stand at INR 51,500-52,500/t ($613-625/t) ex-Mumbai, while CRCs hover at INR 57,000-58,500/t ($679-697/t), minus 18% GST.