India's met coke output drops marginally in Jan'23

India's met coke production in January 2023 decreased slightly m-o-m to 3.76 million tonnes (mnt) as against 3.81 mnt in December 2022, according to data maintained with CoalMint. Out of total production, merchant met coke production increased 32% m-o-m to 0.33 mnt, while captive production decreased by 4% to 3.43 mnt.

With the removal of export duty in November, Indian mills tried to raise their crude steel output and finished steel exports resulting in met coke production remaining largely stable in January.

Key steel indicators

India's finished steel exports rose by 33% m-o-m to 0.58 mnt in January from 0.44 mnt a month ago. The rollback of the 15% export duty in November boosted export bookings from India.

Crude steel production by Indian mills stood at 10.68 mnt in January, up 1% from 10.57 mnt in December. However, output fell compared to 10.96 mnt a year ago. Crude steel output volumes of all the major primary mills showed an increase in January. During the first 10 months of FY23, crude steel output increased by 4% y-o-y to 103.18 mnt against 99.03 mnt in the same period last year.

India's finished steel production stood at 10.04 mnt in January, up 1% m-o-m as against 9.98 mnt in December. Nevertheless, production dropped 3% y-o-y compared to 10.309 mnt in the preceding year.

Finished steel production increased by 5% y-o-y to 98.26 mnt during April-January as against 93.41 mnt in the same period last year.

India's finished steel consumption stood at 10.50 mnt in January, inching up by 1% m-o-m as against 10.39 mnt in December.

Outlook:
Indian met coke production is expected to rise in the coming months on higher steel production as the mills would look to increase their presence in the export market and also due to strong domestic demand.