India: Domestic met coke market holds firm w-o-w amid supply caution

• Bulk buying adds momentum, imports stay low
• Australian PHCC remains unchanged w-o-w

The Indian metallurgical coke (met coke) market stayed largely stable during the week ending 25 September 2025. Prices of BF-grade (25-90 mm) met coke were assessed at INR 29,500/tonne (t) ex-Jajpur in eastern India and INR 30,000/t ex-Gandhidham in western India.

Meanwhile, foundry-grade met coke in Rajkot held firm at INR 35,600/t. Market participants described the tone as steady, with no sharp price shifts due to caution regarding supply stability.

Supply trends shape market mood

Trading activity was stable, with bulk buying heard in eastern and southern India. Additionally, imports fell 14.8% m-o-m to 0.2 mnt in August 2025.

Among exporting countries, Indonesia led with 93,752 tonnes (t) in August, followed by Poland at 65,516 t and Japan at 40,000 t.

Among importing companies, AM/NS India sourced 105,516 t in August, followed by JSW Steel at 54,652 t.

Additionally, in September, India’s met coke imports are likely to drop further and hit a 7-month low due to a price disparity between overseas-origin and domestic material.

Meanwhile, global prices of inputs were stable. Australian premium hard coking coal (PHCC) remained unchanged w-o-w at $187/t FOB, while domestic Indian prices also saw no movement. With the government’s decision on quantitative restrictions (QR) still pending, buyers remained in “wait-and-watch” mode.

China’s met coke market steady amid cost pressures

China’s met coke market remained steady even as coal costs climbed up. Producers attempted modest price hikes of RMB 30-50/t ($4-7/t), though steel mills largely resisted. Prices stabilised at RMB 1,240/t ($174/t) in Luliang, RMB 1,440/t ($202/t) in Tangshan, and RMB 1,430/t ($200.7/t) in Rizhao. Robust steel output ahead of the holiday period continued to underpin demand.

Coal prices kept rising across Shaanxi and Shanxi, while Mongolian imports also grew costlier amid low availability and upcoming holiday border closures. Chinese coke prices are expected to stay stable with a slight upward bias.

Pig iron softness pressures demand

Met coke demand faced headwinds from a cautious pig iron market. Prices of steel-grade pig iron in Durgapur slipped by INR 450/t w-o-w to INR 32,350/t, reducing met coke demand.

Outlook

The met coke market is expected to stay range-bound in the near term. Domestic stability, coupled with weak imports and cautious pig iron demand, will keep pricing steady. Any firming trend may hinge on QR clarity and global coal cost movements.