Chinese met coke prices fall by around USD 7/MT further starting the fourth week of June. Met coke prices are down as coking coal market showed soft fundamentals this week.
In the Chinese domestic coke market, there were no major changes in fundamentals, but sentiment and outlook remained weak.
In Chinese coke export market, market participants reported lower offers as the first round of price cut by USD 14/MT that occurred last week has been widely accepted in China. There was also little inquiry from international met coke buyers.
Market participants shared that there were expectations of a ramp up in environmental efforts, the Chinese steel market outlook and thinning margins have a greater bearing on coke prices. Outside China, buyers were absent in the spot market.
Chinese domestic coke prices have sustained at a higher level this year, and that has rendered Chinese coke to be fewer prices competitive. Chinese met coke exports have been on a downward trend since the start of 2019 with the total met coke exports at 2.5 MnT during January-April 2019. This was down 16.4% compared to the same period in 2018.
Price Assessments for Week 26 (24 June – 30 June 2019)
Prices for 64% CSR and the 62% CSR grades have fallen sharply by USD 7- 8/MT this week assessed at around USD 316/MT and USD 302/MT FOB China respectively from the rates that prevailed in the last week 25 (17 June – 23 June’19).
Indian met coke import prices are also down by USD 7-8/MT are currently hovering at around USD 330.50/MT for 64% CSR and the 62% CSR grades prices at around USD 316.5/MT on CNF India basis.
The tradable offer for Chinese 62%/60% coke was indicated at USD 300/MT FOB China and Chinese 65% coke at USD 315/MT FOB China. Both were for July laycan. The highest bid indicated was between USD 285 – USD288/MT FOB China for Chinese 62%/60% coke.
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