The Met Coke market in India is in a bullish state, with active purchases going on. The prospect of the global offers coming down due to the falling Coking Coal prices has incited purchases among the buyers in the country.
With the declining Coking Coal prices in Australia, export offers for Met Coke in China are likely to move downwards, which will also influence in lowering the domestic prices in India.
Demand for Met Coke is expected to rise further in India as steel making is likely to gain substantial momentum in the near future. In India, consumption of domestic steel is likely to increase due to the availability in China to go lower. The Chinese government has mandated some steel production cuts in an effort to curb atmospheric pollution.As there are holidays going on in China, there is no activity in the market. So, Met Coke offers have not changed from the last known rates.
Offers for the 64% CSR Met Coke is assessed steady at around USD 372/MT FoB China; and offers for the 62% CSR Met Coke is also assessed unmoved at around USD 367/MT FoB China.
For Indian buyers, these offers amount to: USD 389/MT and USD 384/MT respectively on CFR India basis.
In India, demand for Met Coke is strong, and it is expected to get stronger in the coming days. With the indication of the export offers from China to come down in the near future, users in India have started purchasing fervently.
The domestic Met Coke producers have not yet revised their ex-works prices. The prevailing ex-works prices for the Blast Furnace grade in the country are: : INR 22,200/MT (east coast),and INR 27,000/MT and 30,000/MT (west coast).
Source: CoalMint Research
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