Met coke purchases in India have not gained momentum as the direction of price movement is uncertain in the near term.
MARKET TREND
Met Coke buyers in India have adopted a wait-and-watch mode, and restricted from excessive purchases in view of uncertainty in price movements. The recent rise in coking coal import offers has inflicted a speculation among the buyers of possible rise in Met coke prices; but on the other side, lower Met coke import offers also tend to rule out the speculation of price rise.
Met Coke offers have fallen from that assessed last week. The latest import offers of the 64% CSR Met Coke are assessed at around USD 163/MT FoB China; and that of the 62% CSR Met Coke at around USD 161/MT FoB China.
For Indian buyers, the offers of the 64% CSR Met Coke amount to around USD 172/MT CFR India; and that of the 62% CSR Met Coke amount to USD 170/MT CFR India.
The majority of domestic producers in the country have kept their ex-work prices unchanged in view of uncertain market movements, but a few of the producers in West India have raised their ex-work prices by INR 500/MT due to the rising coking coal import offers.
A personnel in one of such producers, which recently raised its ex-works price, told SteelMint,” The price was increased last week due to import offers of coking coal going up and the Government of India raising the customs exchange rate, making coking coal imports costlier.”
The customs exchange rate was recently raised to INR 68.30/USD from INR 68.05/USD.
Recently, NINL has lowered its ex-work prices by INR 1,000/MT.
In the eastern coast of the country, prices of the Blast Furnace grade are at INR 14,000-14,500/MT (ex-works); and that in the western coast of the country are at INR 15,000-15,000/MT (ex-works).
IMPORTS
During the 1-10 Jun’16 period, 139,100 MT of Met coke had landed at Indian ports, according to SteelMint Research.
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