Pet Coke prices in India have slipped further this week as offers softened further. Buying sentiments have remained bullish, triggered by price downswings.
Pet Coke offers to India have gone further down, by around USD 4-7/MT, this week, constraining the domestic producers to further reduce their ex-work prices to maintain parity with the declining offers.
“The latest offers from Saudi Arabia and the US are lower at around USD 45/MT and USD 63/MT respectively, on CFR India basis,” said a market participant, speaking exclusively to SteelMint.
Reliance Industries Limited, the country’s largest Pet Coke producer, has lowered its ex-work price this week in respect to the product by Rs 300/MT. The latest ex-work (Jamnagar) price of the company stands at Rs 5,200/MT.
Last week, the company had cut the price by Rs 250/MT on account of falling offers.
Pet Coke prices have moved downwards in international markets mainly on account of over-supply and lower Crude Oil prices.
The buying momentum has strengthened substantially in Indian markets as the buyers were taking advantage of the downfall in the prices. A varied importing trend has also been observed among the country’s importers. While, many of them preferred the Saudi Arabian material on cost considerations, a number of them also preferred the US origin material on quality concerns.
Pet Coke imports have surged remarkably during the last few months as the prices were moving downwards. During Sept’15, 811,100 MT of Pet Coke was imported into India, predominantly from the US and Saudi Arabia, according to SteelMint data.
The Pet Coke market in the country is expected to remain robust in the succeeding week, with domestic purchases as well as imports to continue to dominate.
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