India: Met coke prices remain range-bound

• India's met coke prices remain stable, aided by imported supply
  
  
• China's met coke faces a 7th price cut due to weak demand and high inventories
  
  

India's domestic met coke prices remained stable this week. As per BigMint's assessment, the 25-90 mm blast furnace (BF) grade coke prices stood at INR 32,800/t exw-Jajpur, while Gandhidham's prices were at INR 28,800/t. However, sellers were heard to be targeting offers of INR 30,000/t exw Gandhidham.

"Buyers are having sufficient inventories of met coke. Previously booked imported met coke cargoes are expected to arrive, which will add to the existing portside inventories. Therefore, prices have remained largely range-bound and any sudden sharp hike in domestic met coke prices is unlikely," highlighted a met coke producer.

Market overview

Australian coking coal prices remain rangebound - Australian coking coal prices remained range-bound w-o-w. PHCC was assessed at $192/t FOB Australia, down marginally by $2 against yesterday. Limited buying interest and fall in steel prices kept bids under pressure.

Chinese steel mills press for 7th straight coke price cut - China's met coke market faces a potential seventh price cut amid a persistent supply glut. Prices have already dropped by RMB 300-330/t ($40-45/t) across six rounds since late October, but slow steel mill purchases continue to hinder destocking, leaving coke inventories elevated at coking plants, according to market sources.

Imported met coke market in India remains quiet - India's imported met coke market remained quiet this week. Price indications from Indonesia and China were recorded at $255-260/t FOB for 64% CSR, while those for 62% CSR are around $250-255/t FoB, sources informed BigMint.

Indian pig iron prices drop w-o-w: Steel-grade pig iron prices in Durgapur, India, decreased by INR 150/t w-o-w to INR 33,350/t exw.