- Imported met coke bookings remain limited
- China sees 9th straight round of coke price cuts
India’s domestic met coke prices showed mixed trends this week. As per BigMint’s assessment, 25-90 mm blast furnace (BF) grade coke prices stood unchanged w-o-w at INR 34,000/tonne (t) exw-Jajpur, while Gandhidham’s tags were recorded at INR 31,200/t exw, down by INR 800/t w-o-w.
Trade activities remained largely stable against last week, with deals for 5,000 t taking place at INR 34,500-35,000/t exw-Jajpur.
Notably, the Commerce Minister convened a meeting in Delhi earlier this week with steel and coke producers, emphasising that steelmakers must prioritise domestic coke purchases, highlighted a source.
Factors driving met coke prices
Imported met coke bookings remain limited: Imported met coke bookings in India remained limited amid the ongoing quantitative restrictions. No new bookings were made, and there were no supplies from Poland or Colombia currently to India.
China announces 9th straight round of met coke price cuts: China’s met coke prices were cut for the ninth consecutive time since October, with sluggish demand and ample supply driving the decline. Leading steelmakers reduced coke procurement prices on 18 February, bringing total cuts to RMB 450-495/t. Weak steel demand, high inventories, and declining coking coal prices continued to pressure the market, with further reductions likely.
Australian coking coal prices remain range-bound: Australian PHCC was assessed at $190/t FOB, largely steady w-o-w. Lower bids despite limited supply reined in price changes.
Pig iron tags inch up w-o-w: Steel-grade pig iron prices in Durgapur, India, inched up by INR 250/t w-o-w to INR 32,800/t exw amid stable market fundamentals.
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