India: Met coke market holds firm amid subdued steel demand

• Indian regional coke prices remain unchanged
• Weak pig iron market continues to limit coke demand

The Indian metallurgical coke (met coke) market remained steady during the week ending 17 September 2025, with minimal movement in regional prices. Eastern India’s BF-grade (25-90 mm) met coke was assessed at INR 29,500/t ex-Jajpur, while western India’s ex-works Gandhidham prices stayed at INR 30,000/t. Foundry-grade material stood firm at INR 35,600/t ex-Rajkot.

Steady bookings; demand cues awaited

Trading activity stayed stable, with nearly 20,000 t booked in the INR 29,500-30,000/t range in the eastern region. Domestic coke prices mirrored last week’s levels, as buyers preferred local supplies.

Imported supply options were weighed down by cautious buying, though expectations of rising steel demand could lift future met coke consumption. Meanwhile, Australian premium hard coking coal held at $187/t FOB, offering no major cost pressure.

Chinese market holds ground after cuts

China’s coke market steadied following two rounds of cuts totalling RMB 100-110/t ($ 14.06-15.47/t) in September. Spot prices stayed weak, but improved steel margins encouraged mills to increase procurement. Ahead of the Golden Week holidays, restocking activity and rebounding coal prices lent cost support. Rumors of Tangshan and Xinjiang output curbs, coupled with policy optimism, spurred futures, with coke and coal contracts surging 4-5% on 16 Sep’25.

Pig iron market pressures demand

A soft pig iron market continued to limit coke buying interest. In Durgapur, steel-grade pig iron fell by INR 400/t w-o-w to INR 32,300/t ex-works. At NMDC’s Nagarnar plant, 32,000 t of steel-grade pig iron was auctioned on 16 Sep’25 at an average INR 30,350/t (by rake), down INR 450/t from August levels. Producers remained cautious, wary of higher input costs.

Outlook

Met coke prices are likely to remain stable in the near term, with limited downside. Any pickup in steel demand or easing QR clarity could provide upside support, though pig iron weakness may temper momentum.