India’s imports of metallurgical coke have slowed down in the first half of April due to easing steel demand and negative sentiments in the global market, which means that prices have the potential to go down even more, SteelOrbis has learned from sources on April 14.
Ex-China 65/63 CSR 25-90 mm met coke prices have been reported at $410-420/mt CFR India this week, down from $433-440/mt CFR seen in late March. Ex-China prices have been at $420/mt CFR Hazira in the west and at $415/mt CFR Haldia in the east, but sources said that sellers may easily go for $410/mt CFR, and even this price does not attract any interest. “Chinese have given offers of $410/mt CFR for BF coke, but there is no demand at that price either,” an Indian source said. Another trader commented, “There is no demand for coke in India, making the market very bearish.” Moreover, for smaller sizes of BF coke - 10-30 mm - Chinese suppliers can offer at around $390/mt CFR, with no deals either.
Ex-Russia coke offers have been reported at $425/mt CFR Vishakhapatnam in the south, down by $25/mt over the past two weeks.
Only small tonnages have been purchased over the past week for imported coke in India, with most sources believing that prices will slide below $400/mt CFR before demand can improve.
In the domestic market in India, the price level for BF grade 60 mm and above coke has been reported at INR 39,000/mt ($475/mt) ex-plant, while 40-60 mm material is available at INR 37,000/mt ($451/mt) ex-plant.
