The buying appetite in the Met Coke market is dull as the again uprising Coking Coal prices have put the buyers in uncertainty on the price movements. Buyers have thus moved to the sidelines, postponing their purchases due to the absence of any clarity on the future market movements.
As a direct result of the rising Coking Coal prices, export offers have undergone upward drifts. Offers for the 64% CSR Met Coke have drifted up by around USD 4/MT over the week-ago offers to around USD 355/MT FoB China. Likewise, offers for the 62% CSR Met Coke also have inched up by around USD 4/MT against the offers in the week last to around USD 345/MT FoB China.
Source: CoalMint Research
On CFR India basis, these offers translate into: USD 371/MT and USD 345/MT respectively.
In India, buying has turned lackluster as the buyers adopted a wait-and-watch stance due to the uncertainty in the market movement.
In view of the laggard buying scenario, Indian producers have revised their ex-works prices downwards. In the east coast, price decrements of around INR 500/MT were being made; while in the west coast, price reductions were at around INR 1,000/MT.
The ruling ex-works prices for the Blast Furnace grade in India are: INR 24,500-25,000/MT(east coast) and INR 25,000-26,000/MT (west coast).
Source: CoalMint Research
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