Bullish sentiments continued to prevail in Indian Pet coke market as prices remained low.
Domestic ex-work prices remained stable at INR 3,700/MT. While, import offers have stagnated at last known rates.
Apparently, Indian producers have kept their ex-work prices unchanged due to price stability. Offers from Saudi Arabia are assessed at USD 42/MT, CFR India; and from US at USD 48/MT, CFR India.
Demand for Pet coke remained strong due to active operations of end-user industries. Cement plants have operated at high rates to cater to the active construction activities going on in the country.
On the other hand, import continued to dominate in the country as buyers being tempted by low prices in overseas markets. SteelMint data shows that 793,100 MT of Pet coke was imported to India during Nov’15 and that was a marginal decrement over import of 854,550 MT in Oct’15 last.
In the coming days, Pet coke demand will remain as strong as end-user industries are expected to function actively. Officials of some cement companies told that there was strong demand for cement as construction activities were on full-swing. And, they also expected that strong demand for cement will continue in the days to come. This aptly indicates that Pet coke demand in the country will not weaken in near future.
INR is reported today at 66.79 against USD.
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