India’s metallurgical coke import prices extended losses throughout the month on a weaker outlook on downstream demand due to limited spot trading activity.
CoalMint currently assesses the spot price for the 64% CSR grade blast furnace met coke at $414/t CNF India, down $15/t w-o-w.
The 62% CSR grade BF met coke is currently assessed at $406/t CNF India — also down by $15/t w-o-w.
Sentiment in the Indian market for imported met coke continued to soften on paused buying activity, as buyers adopted differing stances amid uncertainties over the demand outlook.
China domestic coke prices weaken as demand concerns linger
In the Chinese domestic market, steel mills in Hebei and Shanxi proposed a seventh round of price cut by CNY 100/t, and more rounds of price cuts could be expected amid weak demand. This would bring the total price cuts to CNY 700/t, since the first round was proposed in mid-February.
China’s domestic coke prices are expected to remain pressurized from sluggish demand due to steel output curbs at Tangshan’s blast furnaces amid local government efforts to reduce emissions and improve air quality. Meanwhile, coke supply improved with more capacity being implemented.
Global coke prices have also been affected by the continuous decline of the Chinese domestic coke market post Lunar New Year.
Nevertheless, latest customs data showed that China remained a net exporter of metallurgical coke with 690,667 t exported over January-February, up 90.8% year-on-year. Simultaneously, China imported 360,294 t of coke, up 140% year-on-year.
Seaborne premium hard coking coal prices edge lower on weak demand
Australian premium low-volatile (PLV) hard coking coal (HCC) FOB prices continued their downtrend on lower-priced deals amid ample availability in the ex-China market while China-based buyers waited on the sidelines due to a lack of spot offers.
Presently, premium hard coking coal is cheaper due to ample supply following China’s import ban from Australia, while semi soft and PCI prices are higher due to the floods in eastern Australia.
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By Aditya Sinha
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