India's Vedanta Limited has floated an export auction for 50,000 mt of metallurgical coke of 25-90 mm. The material is destined to be loaded from Mormugao Port, Goa, India, with laycan in early or late September, depending on the quantity of shipment. The buyer is requested to open an in-advance LC at sight at a first class international bank. The deadline for bids is July 20, with all market insiders focused on the result. “The market is very inactive at the moment, hence we have to be highly cautious in new bookings,” an international trader stated. After the news about the potential cancellation of the duty on steel exports in India appeared in the market, Indian producers have become slightly positive towards future developments in the coke and pig iron segments, though last week Vedanta failed to get its desired price in its BPI export auction once again.
The latest domestic prices for BF grade met coke in the eastern region in India were heard at INR 45,000/mt ($563/mt) ex-works. Meanwhile, ex-China met coke (CSR 62/60% CSR) have been heard at $420/mt FOB, which translates to around $470-480/mt CFR, taking into account the freight rate indications.