Met Coke import offers shoot up, domestic prices to follow trend

The Dollar Business Bureau 

India’s Met Coke prices have continued to remain unchanged from the rates that prevailed in the previous week, with several market analysts projecting the prices to rise further in the near terms owing to an upswing in the global coking coal prices.

The inbound shipments of Met Coke have gone up further due to a higher coking coal prices. India imported 132,770 MT of Met Coke during the first week of November 2016, and the demand is expected to remain strong as buyers procured actively to stock the material before the government announces an anti dumping duty on imports of Met Coke.

Many domestic producers have retained their ex-works prices at the rates in the week, but they are sure to increase their ex-works prices in accordance with the rising import offers in the near future.

The latest import offer of 64% CSR Met Coke has increased up to about $ 317/MT CFR India, and the latest import offer of the 62% CSR Met Coke has gone up to around $302/MT CFR India. The ex-works prices of the Blast Furnace grade have constantly gone up to Rs.26,500/MT(west coast) and Rs.21,500/MT(east coast) in November 2016-17 from Rs.13,000/MT (East Coast) and about Rs.13,000/MT in April 2016-17. 

The current export offers of the Met Coke variants stands at about $305.5/MT and $290.5/MT respectively on FoB China basis.

The new import data of Met Coke vindicates the industry’s year-long demand from the government to impose an anti-dumping duty on inbound shipments of Met Coke.

Earlier this week, The Indian Steel Association requested the government not to impose the duty as it will result in raising prices of steel products that will hamper the competitiveness of the industry.

The association underscored that steel prices will go up by at least Rs.700-1,500/tonne, if the duty is imposed.