India: Met coke market holds steady; sentiments cautiously firm

• Supply stays balanced as demand moves gradually
• Prices stable with subtle regional resilience

The Indian metallurgical coke (met coke) market remained largely unchanged for both Western and Eastern regions of India during the week ending 10 December.

In eastern India, BF-grade (25-90 mm) met coke was assessed at INR 32,000/t ex-Jajpur, unchanged w-o-w. Western India also reported stable prices at INR 30,200/t ex-Gandhidham.

Foundry-grade met coke remained firm at INR 36,000/t ex-Rajkot, with no weekly changes.

Stability in market with mild optimism

BF-grade met coke prices remained across both regions this week, following a moderate w-o-w rise seen earlier. Market offers remained consistent in West and East as trading sentiment stayed evenly poised.

Australian premium hard coking coal prices saw a $4/t w-o-w increase, reaching $206/t FOB, adding slight upward cost pressure to Indian coke producers. However, domestic demand conditions remained neutral, keeping price movements contained.

China: Market softens amid supply stress and thin buying

China’s coke market entered a second round of price cuts, driven by restricted coking coal supply due to safety inspections and year-end mining controls. Buyer sentiment stayed conservative as procurement slowed, mine dispatches weakened, and inventories continued to build. Auction activity remained muted, reinforcing the downward pricing tone.

Although short-term pollution-control measures temporarily curbed production in key provinces, overall supply pressure persisted. Steel mills intensified blast furnace maintenance schedules, leading to reduced hot metal output and softening rigid demand for coke. Logistical delays also prolonged delivery cycles, further weighing on market enthusiasm.

Pig iron saw marginal weakness but steady buying interest

Steel-grade pig iron prices in Durgapur were assessed at INR 32,250/t ex-works, down INR 50/t w-o-w.

NMDC-Nagarnar Steel Plant auctioned 7,000 t of steel-grade pig iron on 9 Dec, with the full volume booked at an average of INR 31,200/t ex-works — a INR 100/t increase from the previous 28 Nov auction, where 5,000 t was sold at INR 31,100/t. The higher booking price signals steady underlying demand despite slight market softness.

Outlook

The met coke market is expected to rise slightly as participants await clarity on qualitative restrictions, though they are unlikely to be extended. Rising global coking coal prices may add mild cost pressure, but moderate domestic demand and steady Chinese supply are expected to keep overall sentiment balanced through December.