Onset of monsoon in India has lowered demand for Met coke. Domestic prices also have remained stable.
ONSET OF MONSOON, LOWER IMPORT OFFERS KEEP DOMESTIC PRICES UNMOVED
Met coke prices have remained unchanged in India from that assessed last week. Stability in the prices could be attributed to prevalence of low demand due to onset of the monsoon season, and import offers having exhibited a falling trend.
The latest import offers were assessed further lower. Import offers of the 64% CSR Met coke have further gone down to around USD 154/MT FoB China; and that of the 62% CSR Met coke also have moved down further to around USD 152/MT FoB China.
On CFR India basis, these import offers amount to: USD 163/MT and USD 161/MT respectively.
On the domestic side, the prevailing ex-works prices of the Blast Furnace grade of Met coke are at: INR 14,000-14,650/MT (east coast) and INR 15,000-15,500/MT (west coast).
In the meantime, bearish sentiments have prevailed in China. In the Dalian Commodity Exchange, Met coke futures recently went down by 8% to Yuan 939.50/MT.
IMPORTS
Significant Met coke imports continue to land at Indian ports as low import offers have attracted Indian buyers to procure from overseas markets.
During the 1-27 Jun’16 period, 353,600 MT of imports landed at Indian ports, according to data compiled by SteelMint Research.
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