India: Met coke prices remain stable w-o-w following imposition of import quota restriction

India's domestic met coke prices remained range-bound this week. As per BigMint's assessment, the 25-90 mm blast furnace (BF) grade stood at INR 32,000/t exw-Jajpur, while Gandhidham's prices stood at INR 28,400/t.

"Domestic producers had lifted offers significantly to INR 34,000-36,000/t exw in eastern India last week post announcement of quarterly quota import restrictions last week. However, the market is yet to absorb the hike in offers," informed a seller.

Notably, last week the Director General of Foreign Trade sanctioned the imposition of "quantitative restrictions" on imports of low-ash metallurgical coke (met coke) into India. The country-wise quantitative restrictions on coke have been announced for two quarters of 2025 i.e. January-March and Apr-Jun, with the total volume pegged at 713,583t in each quarter.

Market overview

India's imported met coke market turns quiet: India's imported met coke market remained quiet this week as market is awaiting clarity on arriving vessels and applicability to the quotas. Current reference prices for Chinese Coke (65 CSR) are heard at $265-270/t FoB, while Indonesian Coke (65 CSR) stands at $255-265/t FoB.

Chinese steel mills press for 5th straight coke price cut: Northern Chinese steelmakers initiated the fifth consecutive round of met coke price reductions, effective 27 December, following stable rates since mid-September. Mills in Tangshan, Xingtai, and Tianjin cut prices of wet and dry quenching coke by RMB 50-55/t due to high stocks and reduced consumption amid blast furnace maintenance. Steel product sales were sluggish despite slight price increases, further dampening demand for met coke.

Coking coal prices recover towards year-end: Australian coking coal prices remained range-bound w-o-w. Prices recovered after falling last weekend. PHCC was assessed at $196.5/t FOB Australia. Limited spot availability of coking coal cargoes from key Australian miners for January-February have kept prices supported.

Indian pig iron prices rise w-o-w: Steel-grade pig iron prices in Durgapur increased by INR 1,300/t w-o-w to INR 34,000/t exw.

Outlook

The Indian met coke market is likely to witness improved trades next week. The absence of active import bookings amidst clarity of quota restrictions may keep offers supported.