India: Imported met coke bookings regain momentum with prices under pressure

Imported met coke offers to India have slightly dipped w-o-w, now ranging between $275-290/t CFR from Indonesia, compared to last week's assessment of $285-290/t CFR. Sources indicate that Indian mills have booked cargoes for immediate delivery at around $290/t CFR India.

After a three-week slump, coke demand has shown a strong recovery, with requests for quotations (RFQs) and demand increasing, though prices remain under pressure.

New bookings from Indonesia for end-November loading are being concluded primarily by trading companies securing stock for sales and participating in tenders from steel mills.

Although coking coal prices remain under pressure, mills are actively procuring coke in anticipation of price increases for December loadings, aiming to balance long-term coal purchases. Mills are cautious, avoiding direct imports due to the pending decision on quota restrictions.

India's met coke imports were recorded at 2.3 mnt in H1 FY25 against 1.8 in H1 FY24. As per provisional data maintained with BigMint, total Indian met coke output was recorded at 3.10 mnt in Sep'24, with 0.35 mnt being from merchant miners.