Pet Coke prices have risen in India due to shortages in domestic as well as international markets.
MARKET TREND
Reliance Industries Limited (RIL), the largest producer in the country, has hiked its ex-works price by INR 300/MT to INR 4,950/MT, effective from 1 Jun’16. Essar, the country’s second largest producer, also has hiked its ex-works price by the same amount to INR 4,940/MT, effective from the same day.
Source: Market Participants
Persistence of severe shortage in the key international markets—Saudi Arabia and USA—has resulted in import offers from the regions rising to record high. According to a reputed importer, there is now no difference between import offers from the two regions due to severe shortage. He quoted the prevailing offers of Pet Coke(9% Sulphur) from Saudi Arabia and the material with 6.5% Sulphur from USA at around USD 71/MT CFR India respectively.
Besides, the material is also not available in the regions for immediate loading. Normally, Saudi Arabia-origin Pet Coke is cheaper than the USA-origin variants.
IMPORTS
During May’16, 1.3 MnT of Petcoke was imported into the country, according to SteelMint Research. Saudi Arabia and USA remained as the top exporting regions during the month. The top importers during the month were: India Cement, JK Cement, Balaji Coal, Ramco Cement, among others.
The Government of India has recently revised the customs exchange rate to USD 68.30 per INR.
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