MSTC Ltd., on behalf of Indian Oil Corporation Ltd. (IOCL), conducted its monthly e-auction yesterday (30 Aug’18), for selling 80,000 MT of petroleum coke from IOCL’s 11th oil refinery at Paradip in Odisha.
However, only 10,000 MT out of the entire lot quantity of pet coke was sold out to major cement companies at a reserve price of INR 7,900, which was INR 100 higher as compared to the last auction held on 6 Aug’18.
This incredibly poor response is quite baffling since the Supreme Court has allowed import of pet coke for cement, limestone and calcium carbide industries.
Meanwhile, on the pricing front, pet coke import offers to India are at all-time highs — latest offers for pet coke (6.5% sulfur) from USA are assessed at around USD 125/MT CNF India, while offers for pet coke (9% sulfur) from Saudi Arabia are assessed at around USD 119/MT CNF India.
Currently, Indian domestic prices of pet coke are INR 9,200/MT (Reliance Industries Ltd.) and INR 8,750/MT (Mangalore Refinery and Petrochemicals Ltd.).
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