Devaluation of Indian currency and Chinese Yuan has waffled Met coke buying in India.
Indian met coke importers are hesitant in making fresh purchases owing to currency devaluation. It may be noted that Indian rupee fell to a 2-yr low of 65.4/USD owing to devalued Chinese currency Yuan.
Current offers for BF grade of 62/64% CSR are at USD 146-148/MT on CFR China basis, vessel freight from China assessed at USD 17-18/MT.
” There is not much buying interest from Indian steelmakers owing to recent volatility in Indian Rupee. Most of them are waiting for Rupee to settle down. On the other hand, with Chinese currency devaluating, exporters have some scope to cut their offers. Current offers are at around USD 146-147/MT CFR India for September shipments.” said an executive at a large trading house based in Delhi.
Indian domestic prices are assessed at INR 12,500-13,000/MT on Ex- Works.
Indian Met Coke Imports
India Met coke import has shown ups and downs in recent months. The total Met coke import in first four months of current fiscal was assessed at 1.1 MnT which is about 26% less that FY15 during same period of time. Till latest updates, about 0.3 MnT has been imported in India in Aug’15.
Grade- Met Coke
Prices- USD/MT CFR India (Average Monthly Prices)
Qty in MnT
Aug’15 (Price & Import)- Till latest updates
Source- SteelMint Research
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