Indian metallurgical coke prices continue uptrend w-o-w

• Imported met coke offers from Indonesia rise w-o-w
• Market expected to remain firm, with prices consolidating at elevated levels and a mild upside bias

Indian blast furnace (BF) and foundry grade metallurgical coke prices registered a w-o-w increase, as assessed on 4 February. The upward price movement was primarily driven by escalating raw material costs and hike imported met coke offers.

Price movement across regions

In eastern India, BF-grade metallurgical coke (25-90 mm) prices increased by INR 300/t w-o-w to INR 34,300/t ex-Jajpur. Similarly, prices in western India witnessed stability. BF-grade coke prices atood at INR 30,300/t ex-Gandhidham.
Foundry-grade metallurgical coke (+90 mm) also witnessed stability and were recorded at INR 36,100/t ex-Rajkot.

Imported met coke offers from Indonesia rise

Imported met coke offers to India have risen by $5-10/t w-o-w. Market sources indicated that a trade for Indonesian BF coke (65/63) was concluded on 6 February at $249/mt FOB Indonesia, with a laycan of April 15-25 for a 30,000-tonne cargo.
In comparison, Indonesian non-stamp-charged coke was assessed at around $255/t FOB for April shipment, while CFR indications were heard above $270/t, factoring in freight for a Supramax vessel (50,000-tonne basis, two ports of discharge).

Chinese met coke market holds steady as supply-demand pressures ease

On February 4, the domestic coking coal market remained stable, with Lange Steel Network reporting unchanged prices at 1,705 yuan/t in Tangshan, 1,590 yuan/t in Changzhi, and 1,480 yuan/t in Lüliang. Upcoming holiday-related mine shutdowns are expected to tighten supply gradually, but low inventories and ongoing contract deliveries have kept prices steady.

Demand remains subdued as coking plants adopt just-in-time purchasing, speculative activity fades, and traders reduce inventories. With coke production and shipments stable, steel demand softening ahead of the Spring Festival, and limited recovery in pig iron output, the supply–demand imbalance is easing, pointing to a weakly balanced coking coal market in the near term.

Support from pig iron market

The domestic pig iron market provided indirect support to metallurgical coke prices during the assessment period. Steel-grade pig iron prices ex-Durgapur stood largely stable w-o-w INR 38,300/t, underpinned by stable demand conditions.

Market outlook

The Indian metallurgical coke market is expected to remain firm, supported by high coking coal prices and hike in imported offers. Overall, prices are likely to consolidate at elevated levels with a mild upside bias.