India: Domestic met coke prices hold firm amid muted trading sentiment, global cues

• Market sees limited activity ahead of festive holidays
• Weak pig iron demand keeps buying interest subdued

India’s metallurgical coke (met coke) market stayed largely stable w-o-w during the week ending 16 October 2025, with limited buying activity observed ahead of the festive holidays.

In eastern India, BF-grade (25-90 mm) met coke was assessed at INR 29,900/tonne (t) ex-Jajpur, while in western India, ex-works Gandhidham tags hovered at INR 30,000/t. Meanwhile, foundry-grade met coke prices softened marginally by INR 100/t w-o-w to INR 35,500/t ex-Rajkot.

Muted demand, cost pressures restrict market momentum

Market sentiment remained steady but cautious, as industrial activity slowed due to the upcoming festive period. Domestic prices showed no significant movement compared to last week.

Meanwhile, Australian premium hard coking coal (PHCC) prices eased by $2/t w-o-w to $188/t FOB, reducing input costs slightly. However, the benefit has not been fully reflected in domestic met coke prices, given stable demand and cautious restocking by buyers.

On the downstream side, pig iron producers, especially in eastern India, faced pressure as falling prices and higher met coke costs squeezed margins, limiting fresh purchases.

Global met coke market scenario

Imported met coke (low phos) of Colombian origin was indicated as stable w-o-w at $265-275/t CFR India this week, with a deal for nearly 40,000t heard.

China’s metallurgical coke market remained balanced, with tightened supplies offset by weak steel demand. Production curtailments of around 30% in Tangshan, driven by stricter environmental controls, slightly constrained high-quality coke availability.

Pig iron market weakens on supply overhang

Steel-grade pig iron prices in Durgapur fell by INR 350/t w-o-w to INR 31,500/t ex-works amid ample supply. On 15 October, SAIL Bokaro sold 1,800 t at INR 31,590/t, with remaining quantities unsold, reflecting tepid buying interest in the secondary sector.

Outlook

Met coke prices are expected to remain range-bound in the near term amid steady domestic supply and sluggish demand from the steel and foundry sectors. Market direction post-festive season will hinge on restocking trends, expected announcements on anti-dumping imposition on India met coke imports, and import price movements for coking coal.