India: Domestic met coke prices remain stable w-o-w as fiscal year-end slows trading

• India’s imports at 2.5-year low amid quota imposition
• 11th round of met coke price cuts on cards in China

India’s domestic met coke prices remained largely stable w-o-w. As per BigMint’s assessment, 25-90 mm blast furnace (BF) grade coke prices stood at INR 34,500/tonne (t) exw-Jajpur, while Gandhidham’s tags were recorded at INR 32,300/t exw.

Trades slowed down ahead of the fiscal year-end after decent deals were concluded last week at INR 34,000/t exw-Jajpur, stated a merchant met coke producer.

However, a demand pick-up from foundries resulted in an uptick in foundry-grade met coke offers in western India, BigMint learnt from sources.

Factors driving met coke prices

India’s met coke imports decline to 2.5-year low: India’s met coke imports saw a sharp decline of 64% m-o-m in February 2025 to 0.13 million tonnes (mnt), from 0.34 mnt in January 2025, as per provisional data maintained with BigMint. Volumes fell to a 2.5-year low, with similar levels last seen in June 2022. This significant drop is largely due to the quantitative restrictions on met coke imports enforced by the Indian government in December 2024.

11th round of met coke price cuts on cards in China: Sources said that many mills in China’s Shanxi are yet to resume production, expecting that steelmakers would press for the 11th coke price cut this week.

Australian coking coal prices drop by $5/t w-o-w: Australian premium hard coking coal (PHCC) was assessed at $179.5/t FOB, falling by $5/t w-o-w. Lower bids, weak demand, and improved supplies kept prices under pressure.

Indian pig iron tags rise: Steel-grade pig iron prices in Durgapur, India, rose by INR 800/t w-o-w to INR 35,800/t exw, due to a combination of factors, which include supply shortages and increased finished steel demand. The suspension of operations by a couple of major West Bengal-based pig iron players reduced supply in merchant markets, which supported prices further. Additionally, a pick-up in pig iron exports amid global tariff impositions contributed to higher domestic offers.

Outlook

Some sources highlighted that a few merchant cokeries in India, which had earlier suspended operations due to unviability, are likely to resume operations from April 2025 amid the recent price recovery.