Quarterly Report

On a 100% BMA basis, steelmaking coal production peaked in the June 2025 quarter at ~10.3 Mt, before easing to ~9.7 Mt in September (-5% QoQ) and declining more sharply to ~8.6 Mt in December (-12% QoQ), a cumulative ~17% fall from the June high. While open-cut operations remained solid—supported by the strongest first-half stripping volumes in five years—the trajectory was decisively shaped by underground disruption at Broadmeadow, where deteriorating ground conditions in Q2

BHP’s Q1 FY26 metallurgical coal production rose 8% year-on-year to 9.73 Mt, led by Goonyella’s strong output, while overall sales slightly lagged production and average realised prices softened 16% from a year earlier, leaving margins positive but narrower under stable cost guidance.

Steel Authority of India Ltd (SAIL) reported a solid Q4 FY25 performance, with EBITDA rising to $454 million, up from $287 million in the...

JSW Steel’s Q4 FY25 results reflect steady margins and robust domestic demand, signaling cautious optimism for the met coal market....