- Second price revision in March reflects sharp cost escalation
- Total monthly increase reaches INR 1,670/t over February levels
Nayara Energy Ltd. revised its petcoke price effective 17 March 2026 to INR 17,040/t, up from INR 16,040/t announced on 1 March 2026, marking a second revision within the same month. The latest increase of INR 1,000/t represents a 6.2% rise over the earlier March price.
With this revision, Nayara’s petcoke price has increased by a total of INR 1,670/t in March compared with INR 15,370/t in February 2026, indicating a 10.8% month-on-month rise. The earlier revision on 1 March had already lifted prices by INR 670/t, highlighting sustained upward pressure on domestic pricing.
On a y-o-y basis, the current price is 14.1% higher than INR 14,930/t recorded in March 2025. It is also around 17% above the 12-month average price of INR 14,556/t, marking the highest level in nearly two years.
The revision comes amid significant disruptions in global energy markets. The ongoing geopolitical tensions involving the US and Iran have impacted shipping routes through the Strait of Hormuz, leading to a sharp rise in marine insurance premiums and freight costs. Additionally, vessel rerouting and limited availability have increased overall logistics costs, thereby pushing up landed prices of imported petcoke into India.
Domestic supply dynamics have also supported the price increase. Reliance Industries Ltd (RIL) has continued to consume its entire petcoke production captively and has not released material into the market since April 2025, limiting merchant availability. This has strengthened Nayara’s position as a key supplier in the domestic market.
Lower pet coke imports in Feb’26
India’s pet coke imports declined to 0.6 mnt in February, down 33.3% m-o-m from 0.9 mnt in January, marking a multi-month low. The last comparable level was around 0.5 mnt in February 2022, indicating a sharp drop in overseas procurement during the month.
Market scenario
In the broader market, imported petcoke offers also increased sharply during the period. US-origin petcoke was heard at around $150-155/t CNF India in the week ending mid-March, rising by approximately $20-25/t w-o-w, driven by higher freight costs and supply disruptions from the Middle East.
Despite higher offers, buying activity remained weak. Cement and industrial users largely stayed on the sidelines, relying on existing inventories and evaluating alternative fuels such as US NAPP coal and domestic coal blends. Market participants indicated that current imported petcoke prices were considered elevated, leading to cautious procurement and limited transactions.
The overall sentiment remained firm on the supply side but subdued on the demand side, with price movements largely driven by cost push factors rather than strong consumption demand.
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