Coking coal offers have dipped further, aided by lower global demand.
The recent offers of the Premium Hard Coking Coal have dipped to USD 92.50/MT FoB Australia; and taking into account the prevailing freight rates, of around USD 8.5/MT in respect to Panamax vessels, the offers amount to USD 101/MT on CFR India basis.
Indian buyers, mainly steel makers, continued to import the material.
As a matter of fact, almost the entire demand in India is catered through imports as the domestic supply is inadequate. India predominantly produces Non Coking coal, and meager quantities of Coking coal.
SteelMint Research shows that 2,199,050 MT of Coking Coal was imported during May’16, upto the 16th of the month, by steel companies mainly.
The top importers during the period were: SAIL, Tata Steel, JSW and Bhusan Steel, among others, according to SteelMint Research.
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