Following the EU's imposition of sanctions against Russia, European steelmakers have started to search actively for alternative sources of raw materials, in particular, metallurgical coke. Despite the availability of lower-priced offers from China, some Europe-based steelmakers prefer to cooperate with Indian suppliers of metallurgical coke. Specifically, this week a cargo of 50,000 mt of ex-India met coke (65% CSR and 12.5% ash) for August shipment has been booked by a European mill at $760/mt FOB. Ex-China export quotations for blast furnace (BF) coke (CSR 62/60%), in turn, have dropped by $30/mt since the beginning of April to $600/mt FOB. Meanwhile, BF (CSR 64/62%) is available at $620/mt FOB. The material is said to be for shipment at the end of May-beginning of June. The main reasons for the decrease in ex-China met coke prices are lower prices for coking coal in the latest deals and the recent sharp devaluation of the Chinese currency. “That's certainly a good price for Indians, any other levels below that are unworkable,” an official at an Indian met coke mill stated.
In the meantime, met coke prices in the domestic market in India have settled at INR 58,000-60,000/mt ($759-785/mt) ex-works.