Indian met coke prices remain stable w-o-w

Indian met coke prices have been recorded at INR 34,000/tonne (t) ex-Jajpur this week. Prices remained unchanged w-o-w amid competitive imported offers and reduced purchasing activity. Imported prices are still giving better realisation against the domestic material.

However, prices for west have been at INR 33,500/t, ex Gandhidham. Deals were heard to have been concluded for about 5,000 t BF coke at INR 33,500/t.

Coking coal offers

Australian premium hard coking coal prices remained largely stable w-o-w, assessed at $315/t on 15 February, 2024. Prices held firm amidst minimal market activity reported from India. There were no negotiations between sellers and end-users, with participants adopting a wait-and-watch approach. Additionally, subdued demand persisted in the steel sector, with many domestic furnaces idle or undergoing maintenance, and cookeries operating at reduced capacities.

Imported coke prices

Chinese met coke prices are assessed at $355/t CNF India, for 65% CSR, CFR India. Despite ongoing discussions regarding a potential third price cut after the Lunar New Year festival, Chinese coke offers remained stable. Despite some inquiries from Indian end-users, international coke prices are anticipated to decrease further in the upcoming weeks.

Pig iron market

Indian pig iron prices remained unchanged w-o-w and were assessed at INR 38,500/t DAP Durgapur on 15 February 2024. Moreover, prices dropped by INR 650/t w-o-w in the Raipur market and are currently assessed at INR 36,600/t DAP- Raipur.

Outlook

Domestic met coke prices are expected to remain range-bound, influenced by lower prices of imported material. The market may witness either a decline or stagnant prices due to uncompetitive domestic offers. Additionally, bid-offer disparities could prompt cookeries to lower their offer levels.