- Higher global offers, domestic production limit imports
- Major buyers reduce intake after restocking earlier in Oct
India’s pet coke imports fell 44% m-o-m to 0.9 mnt in November 2025, compared with 1.6 mnt in October, as buyers stepped back in response to firm seaborne offers and improved domestic availability, marking a 13-month low and the weakest level since 0.8 mnt recorded in September. A significant portion of India’s industrial consumers had already secured cheaper cargoes two months earlier, reducing the urgency to import at current elevated price levels.
Shift in sourcing patterns shows contraction
The US remained the dominant supplier, but shipments reduced by 25% m-o-m to 0.6 mnt from 0.8 mnt in October. Saudi Arabia’s volumes dropped by 67% m-o-m to 0.1 mnt, while Oman’s shipments halved to 0.1 mnt. Smaller origins such as Mexico and Venezuela supplied stable but minimal cargoes. Overall, India’s sourcing basket saw a clear contraction across all major load countries, reflecting reduced import appetite rather than supply scarcity.
Weak demand from key buyers as restocking softens
UltraTech Cement cut its intake by 40% to 0.3 mnt, down from 0.5 mnt in October as earlier purchases continued to support operations. Reliance Industries increased buying to 0.2 mnt (+100% m-o-m), while JK Cement, Dalmia and Nuvoco lifted modest cargoes between 0.1 mnt each, maintaining steady but cautious procurement. Overall cement-sector demand weakened after substantial October restocking ahead of the construction season.
Bid-offer gap keeps imports unworkable
Imported pet coke offers stayed firm at ~$120/t CNF India, supported by tight global supply and rising freight. However, Indian buyers were bidding much lower at $110-111/t, leading to a persistent bid-offer gap of nearly $10/t that stalled trades through November. Sellers continued quoting higher levels, while buyers remained reluctant, noting that landed cost parity had weakened significantly.
Domestic coal substitution limits import demand
Import volumes were further weighed down by the availability of lower-priced domestic coal, which offered a cost advantage to cement and industrial users. This substitution effect, combined with healthy stocks accumulated earlier, kept import enquiries muted despite steady operational requirements.
Domestic pet coke production strengthens
India’s domestic pet coke output rose to 1.31 mnt in October, an 18.1% m-o-m and 8.1% y-o-y increase, easing some supply pressure. However, cumulative April-October production remained 2.4% lower y-o-y, highlighting that recovery was still incomplete. National consumption registered 1.75 mnt, down 14.1% y-o-y, mirroring weaker industrial offtake.
Refineries raise prices marginally
Nayara Energy, MRPL, BPCL and CPCL increased domestic pet coke prices by 0.2-2%, supported by tight availability and stable demand. RIL continued internal consumption of its output since April, limiting domestic market liquidity but reducing the need for aggressive import reliance.
Outlook: Balanced supplies, weaker imports
With inventories comfortable, domestic production improving and imported offers staying firm, India’s pet coke imports are likely to remain moderate. Unless global prices ease or freight costs decline buyers may continue favouring domestic alternatives and lower-cost fuel mixes.
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