Strong demand and stable domestic prices have continued to prevail in the Indian Petcoke market. The market situations prevailing in the country clearly point out at the prospect of domestic producers hiking their ex-works prices in the next price revision.
Import offers have continued to remain at high rates. There has been no change in the import offers from that prevailed the week last. The latest import offer of Petcoke (6.5% Sulphur) from USA has remained at around USD 100/MT CFR India; and that of the material (9.5% Sulphur) also has remained at around USD 90/MT CFR India.
The material has continued to remain scarce in the key international regions—USA and Saudi Arabia.
According to the price revisions by domestic producers on 1 Oct’16, the ex-works price of Reliance Industries Limited, the largest producer in the country, is at INR 6,550/MT; and the ex-works price of Essar, the country’s second largest producer, is at INR 6,540/MT.
Source: Market Participants
Demand has continued to remain strong, with cement companies using Petcoke as the prime fuel.
Indian producers are expected to raise their ex-works prices in the upcoming price revisions as import offers have gone up significantly due to international shortage.
ROSNEFT ACQUIRES ESSAR OIL
A consortium led by the Russian energy major—Rosneft—has acquired 98% stake in Essar Oil, with an investment of USD 10.9 billion. The consortium consists of: Trafigura, a commodity trader, and United Capital Partners, a private investment group; apart from Rosneft. The consortium also has acquired Essar’s port at Vadinar in Gujarat, investing an additional USD 2 billion. The deal, covers the entire Essar Oil’s assets including its retail outlets, is expected to be completed by the first quarter of 2017.
IMPORTS
During the 1-21Oct’16 period, 634.59 ‘000MT of Petcoke was imported into India, data compiled by CoalMint Research shows.
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