India: Imported met coke market remains silent on limited offers from Indonesia
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- Most Indonesian suppliers sold out for Dec shipments
- Chinese mills enforce 2nd met coke price cut in Nov
India's imported met coke market remained subdued w-o-w amid lesser number of trades. Indonesia's met coke supply for December shipments has been entirely sold out, with no price indications or allocations available for January. Sources indicated that European and Brazilian steel mills purchased in bulk from Indonesia as it remained the most competitively priced supplier. This is likely to push up offers for January shipments as some sources feel there could be a supply squeeze in the short term.
Meanwhile, Chinese met coke offers to India are currently being heard at around $285/t FOB.
Adding further pressure to the global met coke supply landscape, Chinese steel mills in Tangshan recently enforced November's second round of cuts in met coke procurement prices by RMB 50-55/tonne ($7-7.5/t) due to reduced hot metal output, bringing prices of the material in Hebei's Tangshan to RMB 1,760/t. These prices found acceptance too.
India imported 3.5 million tonnes (mnt) of met coke in January-October, 2024, up 17% y-o-y from 3 mnt in the same period of 2023. The key suppliers included China (1 mnt), Indonesia (1 mnt), Poland (0.5 mnt), and Australia (0.3 mnt). India's met coke production in October 2024 was recorded at a higher 3.59 mnt as against 3.10 mnt in September 2024. Merchant met coke output remained largely stable on a monthly basis at 0.35 mnt.