Indian Met Coke producers have increased their ex-works prices to a slight extent in this week, primarily owing to rise in currency exchange rates. Current USD to INR exchange rate equals 66.73 Indian Rupee per 1 US Dollar.
Furthermore, domestic traders are foreseeing demand growth for met coke because steelmakers are expected to procure actively in order to stock the material ahead of the rainy season.
The current ex-works prices of the Blast Furnace grade are at around INR 26,000/MT (east coast) and INR 27,000-28,000/MT (west coast); both prices have increased by about INR 500/MT from the week-ago rates.
Source: CoalMint Research
Simultaneously, Met Coke import offers have continued to drift downwards from the rates that prevailed in the previous week, as consequence of the falling global coking coal prices.
Presently, import offers for the 64% CSR Met Coke have come down to around USD 320/MT FoB China, down by around USD 5/MT against the week-ago offers. Likewise, offers for the 62% CSR Met Coke this week also have slipped by around USD 5/MT, over those in the last week, to around USD 310/MT FoB China.
Source: CoalMint Research
On CFR India basis, these offers amount to: USD 336/MT and USD 326/MT respectively.
The inbound shipments of Met Coke have also gone down due to lackluster market sentiments, arising out of lackluster demand. India imported only 291,086 MT of Met Coke during the last month, per data compiled by CoalMint Research.
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