The Met Coke market in India is in an uncertain state, caused by the latent speculation of possible decline in prices due to sinking import offers.
MARKET TREND
Import offers have continued exhibiting a declining trend. According to a reputed importer, offers of the 64% CSR China-origin Met Coke have gone down to USD 166/MT FoB, which amounts to USD 176/MT CFR India. Also, offers of the 62% CSR Met Coke from China have declined to USD 164/MT FoB, which translates into USD 174/MT CFR India.
Import offers have been falling mainly due to the twin effects of lower coking coal prices and incremental production in China.
Indian buyers are restricting themselves from purchasing in excess in the prospect of the domestic producers lowering their ex-works prices in the coming days.
Despite the offers going down, Indian producers have kept their ex-works prices unchanged. In the eastern coast of the country, price of the Blast Furnace grade is at INR 14,500-15,000/MT (ex-works). And, that in the western coast is at INR 15,000/MT (ex-works).
However, NINL has today lowered its ex-work price by INR 1,000/MT, bringing the price down to INR 14,000/MT (for quantities upto 2,200 MT).
IMPORTS
During May’16, 0.34 MnT of Met Coke was imported into the country, and that was lower than the quantity imported in Apr’16, at 0.39 MnT.
The top importers during May’16 were: JSW Steel, Tata Steel, Hira Power, among others.
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