India’s pet coke imports almost doubled y-o-y to 9.71 mnt in 2022. Interestingly enough, the highest pet coke import was registered in October when construction activities gained momentum post-monsoon.
The rise in the country’s total pet coke imports came as this year India managed to get out of Covid restrictions. Moreover, construction activities gained pace resulting in an improved demand for cement and its raw material, pet coke. Notably, the construction industry in India is forecasted to grow by 12.8% y-o-y to reach INR 4,098,200 crore in 2022.
In addition, India’s domestic pet coke production was hampered during the year with some key refineries being shut down due to maintenance and also because imported pet coke was available at a cheaper rate against the domestic material.
Imports from the US, Saudi Arabia surge
Qty in mnt
Pet coke imports from the US and Saudi Arabia surged 154% and 114% y-o-y to 3.86 mnt and 3.64 mnt in 2022, respectively. Also, in order to meet their demand, Indian cement buyers chose to import around 0.51 million tonnes of Venezuelan pet coke during the year (July-October). However, due to the lengthy voyages and insufficient berthing available at ports, the availability of Venezuelan pet coke later became a problem.
Ultratech Cement largest importer
Ultratech Cement imported highest shipments which was up by 116% y-o-y to 2.12 mnt in 2022, followed by Ambuja Cement and Dalmia Cement.
Qty in mnt
Outlook
Pet coke imports are likely to rise this year as many government infrastructural and housing projects are planned. In addition, pet coke prices are not expected to rise significantly this year amid regular supplies of thermal coal which may keep its prices in check, motivating cement players to buy the imported material.
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