Domestic Pet coke prices declined further during this week; driven by persistence of weak international market conditions.
Reliance Industries, the country’s largest producer, lowered its basic price by INR 700/MT to INR 3,700/MT.
Meanwhile, international offers have also stabilized at the last known rates. According to a market participant, offers from Saudi Arabia have stabilized at around USD 42/MT, CFR India.While, offers from US have remained stable at around USD 48/MT, CFR India.
Demand has continued to remain strong, apparently on account of prevalence of low prices. A trader in west India said that sales of domestic Pet coke have intensified in comparison with imported material as domestic prices are going down.
According to a research done by SteelMint, 47,000 MT of Pet coke landed at Indian ports from Saudi Arabia during 19-25 Nov’15. During the same seven-day period, 12,000 MT of Pet coke also entered into Indian shores from US.
The import volumes seem to subtly indicate that the growing importing trend seem to be losing momentum as Indian buyers are tending towards domestic purchases due to low prices.
Some market participants also expect domestic prices to go down further with the onset of December, 2015.
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