- Producers keep offers firm amid absence of imports
- Pig iron tags inch up on 12% safeguard duty proposal
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 remained slow this week amid the approaching fiscal end. Despite this, the absence of imports held back producers from reducing their offers.
Factors driving met coke prices
China’s met coke prices stabilise after 11th round of cuts: Rising steel demand in March and lower coke inventories kept China’s metallurgical coke tags stable following 11 consecutive rounds of price cuts since late October 2024. Additionally, while oversupply persists, a rebound in molten iron production and increasing steel output could improve market sentiment in the near term.
Australian coking coal prices plunge by $10/t w-o-w: Australian premium hard coking coal (PHCC) was assessed at $169/t FOB, falling by $10/t w-o-w. Ample offers, bearish market sentiments, and lower bids weighed on coking coal prices.
Indian pig iron tags inch up w-o-w: Steel-grade pig iron prices in Durgapur, India, rose marginally by INR 200/t w-o-w to INR 36,000/t exw. Market sentiments improved with the Indian ministry proposing the imposition of a 12% safeguard duty on flat steel imports to protect the domestic industry.
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. However, participants expect prices to remain range-bound till the fiscal year-end.
Leave a Reply