Global Pet coke exporters hold eyes on India as it seems an emerging market for Pet coke import. Also, falling global Pet coke offers are influencing Indian buyers to shift towards it as an alternative fuel.
Pet coke import offers to India declined around USD 2-3/MT compared to last week. Prices have moved downward in international markets on account of the twin effects of falling crude oil prices and increased production.
Currently, Saudi Arabian Pet coke (7,800 GCV and 8.5% sulphur content) is offered at around USD 55-56/MT CFR India. While, US Pet coke 8300 GCV, bearing 6.2% sulphur content, is assessed at USD 77/MT CIF West Coast India. In the meantime, Canadian 8,400 GCV Pet coke, having 7.2% sulphur content, is assessed at USD 71/MT CFR India.
However, Indian buyers are at an advantageous position, who are now looking for cheaper material from different sources.
[su_quote]“Currently Indian importers prefer petroleum coke from Middle East owing to lower cost. Low freight rates from Middle East and negotiation acceptance are also being supportive for buyers”, according to a market participant.[/su_quote]
Bullish buying sentiments are reported from Indian markets amid softening prices and active functioning of plants. Traders said that buyers were procuring the material vigorously to cater their need in production, and the softening global prices invigorated the buying spree.
Pet Coke Import to India
India’s Pet coke imports increased to 1 MnT in Aug’15, highest since Aug’13 which was at 0.3 MnT (SteelMint data). The country has increased its Pet coke import in FY16 (Apr’15-Aug’15) by about 52% as compared to same period of FY15 on the grounds of increased supply and persistent fall in prices globally.
The country’s Pet coke import reached 5.8 MnT in FY15, which was about 2.7 MnT in FY14. Country’s imports are expected to increase further.
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