Met coke market under affliction; Chinese Met coke manufacturers compelled to lessen offers further. Prices plunged by 4% in last 15 days.
Persisting bearish sentiments in global Met coke market has plunged down prices. Chinese Met coke prices have shown no sign of recovery this week. Rather, prices have fallen further by USD 5/MT compared to first week of the month.
SteelMint assessed that 64% CSR Met coke offers from China are hovering in the range of USD 119-120/MT, CFR India. However, 62% CSR Chinese Met coke offers are within USD 118-119/MT, CFR India.
Low demand for Chinese Met coke among Indian steelmakers can be easily explained by lowering import figure from the country. SteelMint assessed that India, one of the major importer of Chinese Met coke, imported 3 MnT of Met coke in CY15 against 3.8 MnT in CY14.
Domestic Met coke market
Against all the prediction, domestic Met coke offers have also fallen, reflecting glitch in global market. Indigenous Met coke prices fell by INR 200-500/MT depending on quantity of trading.
Big Indian manufacturers have lowered their offers. Currently, domestic Met coke offers are assessed at INR 11,800-12,300/MT for 25-80 mm BF grade Met coke.
NINL, one of the prime producers of indigenous Met coke, has lowered its LAM coke price by INR 700/MT. The company is offering LAM coke at INR 11,800/MT, ex-NINL (advance payment; exclusive of duties and taxes), with validity till 31 Jan’16. However, the company has introduced discount price slab for the buyer opting high quantity.
It is to be noted that in order to safeguard domestic coke producers, Indian Metallurgical Coke Manufacturers Association (IMCOM) on behalf of indigenous producers had applied for instigation of investigation for imposing anti-dumping duty on LAM coke exported from China and Australia. And reacting on the same, the center is likely to start investigation on anti-dumping duty on Met coke imports.
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