India: Anode coke market waits for belated price correction

Dec'21 turned out to be a lacklustre month as far as anode grade coke deals were concerned. The prices of anode grade coke varied widely depending on origin, quality and market dynamics.

Chinese anode coke with 2% sulphur was heard offered at $540-550/tonnes (t). One of India's leading calcined pet coke producers, Goa Carbon, has recently finalised a high-sulphur anode coke deal from China with around 5% suplur at $270/t on FOB basis for a quantity of 15,000 t.

A cargo from Oman was heard finalised by Rain Industries Ltd. at $330/t FOB for around 35,000 t.

A low-sulphur coke deal from Indonesia's Dumai refinery was booked by Goa Carbon at $405/t on FOB basis for a quantity of 20,000 t.

A small cargo of 10,000 t was booked from Malaysia by Petro Carbon at around $250-260/t CFR.

A cargo from Argentine energy major YPF Argentina and Brazil's Petrobras with 0.8% sulphur went to the USA for $495-500/t CFR from both refineries.

On the domestic front, there have been no price revisions of anode grade coke by IOCL for Dec for the various domestic refineries, although a revision was awaited in the last week of the month. Market participants are expecting a substantial reduction in price which might push despatches that were affected in Dec.

CPC offers edge lower

Notably, Chinese calcined petroleum coke (CPC) prices were much higher than prices in the USA over the last three months. However, the gap has gradually narrowed and Chinese prices are now higher by a moderate $50/t than US prices.

Vedanta received a Chinese cargo with 3% suphur at Gangavaram Port in Dec at $829-830/t on CFR basis for a quantity of 23,000 t. However, it is understood that offers now have inched lower to around $750/t CFR, with the possibility of further correction in the near future.