India: Domestic met coke prices show mixed trends across regions

• Imported met coke bookings remain limited, stocks drop
• Chinese met coke prices stabilise after 10th straight cut

India’s domestic met coke prices were stable w-o-w in eastern India, while the western region saw increased offers, as stocks of imported material depleted.

As per BigMint’s assessment, 25-90 mm blast furnace (BF) grade coke prices stood at INR 34,500/tonne (t) exw-Jajpur, while Gandhidham’s tags were recorded at INR 32,400/t exw, up by INR 400/t w-o-w. The absence of active import bookings and lower inventories of imported met coke at Indian ports supported domestic offers.

Factors driving met coke prices

Imported met coke bookings remain limited: Imported met coke bookings in India remained limited amid the ongoing quantitative restrictions.

China’s domestic met coke prices stabilise after 10th round of cuts: China’s metallurgical coke market stayed cautious amid macroeconomic concerns and weak demand. Prices remained stable after major Chinese steelmakers decided to cut coke purchase prices by RMB 50-55/t on 25 February. Steel production recovery was slow, while the “Two Sessions” meeting led to output curbs in Tangshan. Earlier maintenance-driven steel production cuts also kept the market oversupplied and near-term price movements uncertain.

Australian coking coal prices drop: Australian premium hard coking coal (PHCC) was assessed at $184.5/t FOB, falling by $2.5/t w-o-w. Lower bids and speculation regarding steel production cuts in China resulted in thin trading activity, which weighed on prices.

Indian pig iron tags rise: Steel-grade pig iron prices in Durgapur, India, rose by INR 1,150/t w-o-w to INR 35,000/t exw. Indian pig iron prices rose, due to a combination of factors, which include supply shortages and increased finished steel demand. Suspension of operations by a couple of major West Bengal-based pig iron players reduced supply in merchant markets, which supported prices further. Additionally, a pick-up in pig iron exports amid global tariff impositions also contributed to domestic offers.