- Indian pig iron prices drop by INR 600/t ($7) w-o-w
- Australian coking coal prices inch up further
Domestic met coke prices remained largely stable w-o-w, however there were some signs of weakness in eastern India. As per BigMint’s assessment, 25-90 mm blast furnace (BF) grade coke prices stood at INR 34,100/tonne (t) exw-Jajpur, down by INR 100/t w-o-w, while prices in Gandhidham were recorded stable at INR 32,200/t exw.
BigMint heard a deal for 7,500 t met coke concluded by an eastern India-based mill at INR 34,000-34,500/t exw Jajpur.
“Decline in pig iron prices and unconfirmed reports of a few deals getting concluded at INR 33,300-33,500/t exw Jajpur has slightly weakened the market sentiment, especially in eastern India. Although coking coal prices have risen globally on supply concerns, this is yet to be reflected in domestic met coke prices,” highlighted a source.
Factors driving coke prices in India
Australian coking coal prices inch up further: Australian PHCC prices have inched up further w-o-w by $4/t and current prices are assessed at $188/t FOB Australia. Prices surged due to supply concerns following accidents at Australia’s two leading mines – Moranbah North and Appin – earlier in the month.
China’s coke market remains bearish: China’s met coke market faces headwinds despite steady steel production. Demand momentum is fading as steel prices soften and raw material costs ease. Inventories remain high, curbing appetite for further coke price hikes. Market sentiment soured amid US tariff tensions, with mills limiting procurement and traders liquidating stock. Without fresh catalysts, prices risk slipping in May.
Indian pig iron tags drop w-o-w: Steel-grade pig iron prices in Durgapur, India, fell by INR 600/t w-o-w to INR 34,700/t exw.
Outlook
Domestic met coke prices may see some improvement in the near term, given the hike in coking coal tags. However, sustenance from steel prices remains a concern.
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