- Producers keep offers firm amid absence of imports
- Pig iron tags inch up on 12% safeguard duty proposal
India’s domestic met coke prices remained largely stable w-o-w. 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 32,300/t exw.
Trades remained slow this week amid the approaching fiscal-end. However, western India-based players reported decent demand from foundry players which has supported foundry grade met coke offers.
Factors behind stability in coke prices
China’s met coke prices stabilise after 11th round of cuts: China’s metallurgical coke market stabilised after 11 price cuts since late October 2024. While coking plants maintained output, steelmakers remained cautious amid weak demand. Coke-making margins worsened after the latest mid-March cut, as slower coal price declines kept losses high. Coking plants saw losses widen by RMB 15/t.
Australian coking coal prices remain stable w-o-w: Australian premium hard coking coal (PHCC) was assessed at $169/t FOB, stable w-o-w. The market seems to be waiting for the next round of trades for gauging further market direction.
Indian pig iron tags inch up w-o-w: Steel-grade pig iron prices in Durgapur, India, rose marginally by INR 200/t w-o-w to INR 36,200/t exw. Market sentiments improved with the commerce ministry proposing the imposition of a 12% safeguard duty on flat steel imports to protect the domestic industry.
Outlook
The market is likely to remain stable next week; however, price support from steel may lend some room for raw material price hikes.
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