India's coking coal port stocks rise slightly w-o-w

Coking coal stocks at Indian ports were recorded around 5.38 mnt, an increase of 6.59% w-o-w, as per data maintained with BigMint.

Company-wise break-up

• JSW Steel witnessed an increase in its coking coal stocks during week 26. Stocks rose by 6.41% w-o-w to 0.23 mnt in week 26.
  
  
• Stocks held by Tata Steel increased by 5.53% from 1.04 mnt in week 25 to 1.10 mnt in week 26
  
  
• SAIL's coking coal port stocks were recorded at 2.12 mnt last week against 1.87 mnt last week
  
  

Port-wise break-up

• At Haldia Port coking coal stocks increased by 11.12% w-o-w to 1.29 mnt in week 26 from 1.15 mnt in week 25
  
  
• Paradip Port stocks remained stable w-o-w at 1.15 mnt.
  
  
• Dhamra Port's coking coal stocks increased by 9.91% w-o-w to 1.22 mnt in week 26 from 1.11 mnt in week 25
  
  

Market sentiments have turned subdued in the later half of June, with steel prices witnessing declines in both the flats and longs segments.

Trade-level blast furnace rebar prices fell a steep INR 800-1,200/tonne (t) ($10-14/t) across regions last week. Prices fell as demand continued to be dull. There is a slowdown in construction with the advent of the rainy season. Buyers moved to the sidelines in anticipation of further price fall.

BigMint's benchmark trade-level HRC prices ex-Mumbai remained stable at INR 53,800/t ($645/t) w-o-w but cold rolled coils (CRC) slid by INR 500/t ($6/t) to INR 59,800/t ($717/t). Cheaper imports are becoming a huge challenge for the domestic mills. In fact, India has become a net importer of steel in the first quarter (April-June 2024).