India: Pet coke imports rise 30% q-o-q in Q2FY’26 on higher US shipments, limited domestic supply

• US remains top supplier
• UltraTech Cement leads procurement

India’s pet coke imports increased 29% q-o-q to 4.5 million tonnes (mnt) in Q2FY’26 (July-September 2025) from 3.5 mnt in Q1FY’26, as per provisional data maintained with BigMint. Higher imports were supported by higher inflows from the US and firm demand from cement producers. Compared to Q2FY’25 at 3.7 mnt, imports were up 22% y-o-y, reflecting a gradual recovery in consumption post-monsoon.

Tighter domestic supply further pushed import reliance. RIL stayed inactive through most of the quarter, while Nayara Energy operated with limited availability due to reduced production and crude sourcing constraints. This restricted supply, along with firm refinery gate prices, sustained import momentum and kept India’s dependence on overseas pet coke intact.

US dominates supply

Shipments from the US rose to 2.5 mnt in Q2FY’26 from 1.5 mnt in Q1FY’26, accounting for over half of total imports. Saudi Arabia followed with 0.8 mnt (up from 0.9 mnt in Q1FY’26), while Venezuela’s share rose slightly to 0.4 mnt. Oman supplied 0.3 mnt, maintaining steady volumes.

Cement sector drives demand

UltraTech Cement continued as the largest buyer with 1.0 mnt in Q2FY’26, followed by Shri Cement at 0.4 mnt, Reliance Industries at 0.3 mnt, and JK Cement at 0.3 mnt. Steady buying by large cement producers reflected stable production schedules ahead of the construction season.

Prices rise further m-o-m in Sep’25

US-origin pet coke prices continued to strengthen in September 2025, with CNF Kandla averaging $117/t, up from $112.2/t in August. At Vizag, US-origin prices rose to $119/t compared with $114/t in the previous month. Saudi-origin prices followed a similar trend, with CNF Mundra averaging $115.75/t in September, up from $110.6/t in August, while CNF Vizag increased to $117.75/t against $112.6/t last month.

Outlook

Imports may remain elevated in Q3FY’26 as industrial operations pick up after the monsoon, though price-sensitive buyers may stay cautious amid freight fluctuations and stable domestic availability.