Constantly devaluating INR plunged to 66 against USD today, lowest since 2013, influencing Indian Met coke importers to hold their current bookings as current market does not seem favorable for imports.
Indian Met coke importers are holding their purchases owing to weak INR, which depreciated around 5% in last 10 days. Current offer for 64% CSR Met coke from China is assessed at USD 146/MT CFR India and 62% CSR around USD 143/MT CFR India. Vessel freight for 30,000 MT cargos from China valued at USD 18-19/MT.
“Landed costs of imports have been rising steadily as the INR has been weakening significantly against the USD, resulting in importers in the country restricting their purchases”, said an importer based in Delhi.
Compounding the situation, demand for domestic Met coke may pick up. Market participants speculate that rising demand may support domestic prices.
Indian Coke Imports
The total Indian Met coke import in first four months of current fiscal was assessed at 1.1 MnT, which is about 26% less than FY15 during the same period.
Source: SteelMint
Quantity in 000′ MT
Vessel Line up Updates
India has imported about 0.30 MnT Met coke at different ports till Aug’15. As per SteelMint’s data analysis, currently about 66,000 MT of coke is at from China and Poland; imported by Tata and Essar Steel at Hazira and Haldia ports. In the month of August, Essar Steel emerges as the largest importer of Met coke, importing about 134,800 MT at Hazira Port followed by JSPL which imported one Supramax quantity from China.
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