In a reversal of trend, some Met Coke offers have come down slightly as the global buyers halted imports in view of the significantly high export offers. Indian buyers are waiting and watching for the offers to go down before resuming imports.
Met Coke offers have gone up to remarkable heights due to the twin impacts of the higher Coking Coal prices and stronger demand. However, the major importers have stopped procuring from the Chinese market as the higher offers became almost unbearable. This has prompted the Chinese sellers to marginally lower their offers for the higher grade Met Coke, apparently to incite global buyers to import the material.
Of late, offers for the 64% CSR Met Coke have declined by around USD 2.5/MT to around USD 357.50/MT FoB China over the offers in the week last. On the other hand, the offers for the 62% CSR Met Coke have moved up by around USD 12.5/MT to around USD 354/MT FoB China against the week-ago offers.
For Indian buyers, these offers translate into: USD 372.50/MT and USD 369/MT respectively on CFR India basis.
In India, demand for Met Coke is reasonably strong as buyers are avoiding imports and have turned towards the domestic market. Most domestic Met Coke producers have kept their ex-works prices at the rates in the week last to capitalize upon the stronger demand. However, one producer in the west coast has raised its ex-works price by INR 1,000/MT.
The current ex-works prices for the Blast Furnace grade in India are: INR 22,200/MT (east coast), and INR 27,000/MT and 30,000/MT (west coast).
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