Met Coke Import Offers Continue to Rise, Putting Buyers on Retreating Mode

High Met Coke prices have put buyers on a retreating mode. High Coking Coal prices have prevented Met Coke prices from any downward correction.

IMPORT OFFERS MOVE HIGHER

Import offers of Met Coke have gone up further, pushed up by the rising Coking Coal prices. The latest import offers of the 64% CSR Met Coke is assessed upwards at USD 258.5/MT CFR India; and that of the 62% CSR Met Coke is also assessed higher at USD 256.5/MT CFR India.

The corresponding export offers amount to: USD 248/MT and USD 246/MT respectively on FoB China basis.

DOMESTIC PRICES STAY AT RATES IN LAST WEEK

Despite rising import offers, domestic Met Coke prices have not changed from that in the week last, as purchases have shirked as most buyers restricted from procuring due to high prices. The buyers instead preferred to wait and watch the market proceedings before taking a conscious call on their purchases.

Thus, the prices of the Blast Furnace grade have remained at: INR 20,000-21,000/MT (west coast) and INR 19,000/MT (east cost).

Source: Market Participants

IMPORTS

Imports of the material are also exhibiting a declining trend as buyers are lowering their imports due to high import offers. Moreover, operating rates of Indian steel mills going lower also have been a contributing factor for the declining imports into the country. Data compiled by CoalMint Research shows that 351.62 ‘000MT of Met Coke was imported into the country during the 1-29 Sep’16 period.