India: Domestic met coke offers remain stable w-o-w despite slower trades

• India’s imported met coke bookings remain limited
• Australian coking coal prices inch up by $4/t w-o-w

India’s domestic met coke prices remained range-bound this week. As per BigMint’s assessment, 25-90 mm blast furnace (BF) grade coke prices stood unchanged w-o-w at INR 34,000/tonne (t) exw-Jajpur, while Gandhidham’s tags were recorded at INR 32,000/t exw, up by INR 500/t w-o-w.

An eastern India-based coke player concluded a deal for 10,000 t yesterday at INR 34,200/t exw Jajpur. Prices remained largely stable, though the market saw slower sales this week.

Factors driving met coke prices

Imported met coke bookings remain limited: Imported met coke bookings in India remained limited amid the ongoing quantitative restrictions. However, price indications for material with 64% coke strength after reaction (CSR) were at around $250/t CFR India.

China sees 8th straight round of met coke price cuts: China’s metallurgical coke market saw its eighth consecutive price cut on 10 February, totalling an RMB 400-440/t drop since October. Despite a mild steel production recovery, weak demand and high inventories persisted. Coke producers faced losses, while steelmakers limited purchases. Coking coal prices also fell amid sluggish sales, with further declines expected before market stabilisation.

Australian coking coal prices inch up: Australian PHCC was assessed at $190/t FOB, up by $4/t w-o-w. Reportedly, tighter availability of coking coal from the US pushed offers up.

Indian pig iron tags weaken w-o-w: Steel-grade pig iron prices in Durgapur, India, inched down by INR 450/t w-o-w to INR 32,550/t exw amid weaker market sentiments.

Outlook

Market sources expect domestic met coke prices to remain range-bound in the near short term. Pricing trends will be primarily defined by trade activities and steel prices.