India Commodity Demand Holds Firm in Q2 Earnings Calls

The June-quarter earnings season for global commodity-linked companies carried a consistent theme: India’s industrial demand for raw materials is holding up, and in many cases strengthening, even as China’s economy softens. From steelmaking coal to heavy-duty engines and beverage cans, executives described a market where capacity is expanding, plants are running harder, and imports remain necessary.

Warrior Met Coal reported India’s steelmaking coal demand rose 2.7% year-on-year in the June quarter. The CFR India LVHCC index averaged $191 per short tonne, up $46, or 32%, from a year earlier. The company contrasted India’s resilience with “continued weakness in China,” it said in its earnings call.

Glencore, the diversified miner, said it remains confident in India’s long-term coal import demand. The miner cited rapid economic growth, new coal-fired power stations, and rising electricity requirements from data centres. “Even as domestic Coal India production grows, the country will continue to require imported coal alongside renewables and other energy sources,” Glencore said.

Cummins reported India revenue, including joint ventures, of $742 million in the second quarter, up 6% from a year earlier. Truck production in the country increased 5%, supported by freight availability, infrastructure, and mining activity. The company maintained its 2026 revenue growth outlook for India at 2%.

CNH Industrial, the agricultural equipment maker (see its AlphaScala analysis at the CNH stock page), said it continues to gain share in India and remains the country’s fastest-growing tractor brand. “India has been a major success story for us,” CNH said. “Winning in this highly competitive, high-volume market demonstrates our ability to compete effectively with Indian manufacturers and their exports globally.”

Crown Holdings, the packaging major, said India remains a major long-term growth market for beverage cans. The company announced another capacity expansion at one of its two Indian plants, building on capacity already added. Government policy changes and double-digit can-demand growth support the outlook, Crown said.

Henkel, the industrial adhesives maker, opened a new electronics co-innovation centre in India to capture growth in the electronics market. Siemens Energy increased its stake in Siemens Energy India to 16%, reinforcing its exposure to what it called one of the world’s most attractive energy infrastructure growth markets.

The combined picture from the earnings calls shows India’s commodity demand is not a one-quarter story. Warrior Met’s index level, the capacity expansions at Crown and Cummins’ maintained outlook, all point to sustained appetite. “We remain comfortable with India’s long-term demand profile,” Glencore said.

For a broader view of global commodity demand trends, see AlphaScala’s commodities analysis.