There was no major change in the Met Coke market in India in the recent past. Buyers in India have been waiting for global offers to fall to significant levels, postponing active purchases. But, the recent uptick in Coking Coal prices in Australia might restrict the fall in the global offers for Met Coke. In Australia, Coking Coal prices have started moving upwards recently due to the demand strengthening from the non-Chinese steel makers.
In China, the implementation of the 50% steel production cut from this week has decreased Met Coke demand in that country. At the same time, Coking Coal production in that country also has increased recently.
The latest offer for the 64% CSR Met Coke is assessed at around USD 312/MT FoB China, which is lower by around USD 6/MT over the week-ago offer. Likewise, the recent offer for the 62% CSR Met Coke is assessed at around USD 302/MT FoB China, down by around USD 6/MT against the offer in the week last.
For Indian buyers, these offers amount to: USD 327/MT and USD 317/MT respectively on CFR India basis.
As the market movement is uncertain, Met Coke producers have not incorporated any change in their respective ex-works prices. A trader spoken to byCoalMint said that the change in domestic prices will depend upon the movement in Coking Coal prices.
The prevailing ex-works prices for the Blast Furnace grade in the country are at: INR 22,200/MT (east coast), and INR 27,000/MT and 30,000/MT (west coast).
Given the market sentiments, the domestic Met Coke producers might raise their ex-works prices if the Coking Coal prices undergo significant upward movements.
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