Strong demand, stable prices and bullish sentiments are continuing to prevail in Indian Pet coke markets this week.
Domestic producers haven’t revised their ex-work prices during the week. The basic price of Reliance Industries has remained at INR 4,400/MT, as revised on 1 Nov’15.
Import offers from Saudi Arabia are assessed during the current week at USD 42/MT, CFR India; remained stable against the previous week.
However, offers from US are assessed lower at USD 47/MT, CFR India. In context toUS offers, a market participant said, “Few buyers are trying to negotiate US Pet coke offers below at USD 45/MT.”
Low prices have maintained the continuity of buying spree among end-users. Moreover, active Pet coke purchases will continue to dominate due to active demand for cement prevailing in the country. Cement industry is the predominant end-user segment for Pet coke.
A few cement company personnel spoken to SteelMint that demand for cement was strong and active productions were going in the plants. They also expected demand for cement to remain strong in near to medium term.
In the meantime, import consignments of fuel as well as Calcined Pet coke continued to land at Indian ports. SteelMint analysis shows that 63,000 MT of fuel grade Pet coke landed at Indian ports from Saudi Arabia during 13-18 Nov’15. During the same period, import consignments of Calcined grade Pet coke of 47 MT from China and 556.5MT from UK have also entered to Indian shores.
As import offers from Saudi Arabia have not undergone any change, the material is continued to be sold in Indian markets at INR 4,200/MT (exclusive of taxes).
The Finance Ministry, Government of India, has slightly raised the customs exchange rate for imports effective from today to INR 66.70 per USD from INR 66.20 per USD.
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