India: Domestic met coke prices gain on input cost pressures; market activity remains subdued

• Higher production costs and import parity are supporting domestic met coke prices
  
  
• Weak trade activity and cautious steelmaker buying are limiting further price upside
  
  

India's blast furnace (BF)-grade metallurgical coke prices witnessed an increase week-on-week (w-o-w) as of 9 April 2026, primarily supported by higher production costs and earlier gains in coking coal prices.

According to BigMint assessments, BF-grade coke (25-90 mm) prices in eastern India rose by INR 400/t w-o-w to INR 36,400/t ex-Jajpur, while prices in western India increased more sharply by INR 2,500/t to INR 33,500/t ex-Gandhidham. In the foundry segment, +90 mm foundry-grade coke prices edged up by INR 200/t to INR 36,400/t ex-Rajkot, indicating modest upward movement across key regional markets.

Market sources reported limited but notable transactions during the week. A trade of 2,000 t of BF-grade coke was concluded at INR 34,000/t exw Gandhidham, while another bulk deal of 25,000 t was recorded at INR 36,750/t exw eastern India.

Despite these transactions, market participants noted that overall trading activity remains subdued, with real demand conversion still weak. While producers have attempted to pass on rising input costs, buyers remain cautious, leading to slower order flows in the market.

Import parity continues to support domestic price floor

Import parity remains a key factor sustaining domestic coke prices. As per BigMint assessments, Indonesian-origin BF coke (65/63 CSR) was evaluated at $287/t CFR India, registering a marginal decline of $3/t w-o-w. Despite the slight correction in import prices, domestic coke values remain supported by the cost structure linked to imported raw materials.

On the raw material front, Australian premium hard coking coal prices eased slightly by $1/t w-o-w to $236/t FOB, offering limited relief to coke producers. However, the earlier rally in coking coal prices continues to be reflected in the current coke price adjustments across the domestic market.

China's coke market stabilises after earlier price hikes

In China, the coke market remained largely stable following the first round of price increases implemented earlier. Supply experienced minor disruptions at some coal mines, while continued inflows of Mongolian coal added supply-side pressure. On the demand side, gradual blast furnace restarts and stable pig iron output provided some support, although downstream buyers largely shifted to need-based procurement. As a result, Chinese coke prices are currently expected to remain range-bound, with futures markets closely tracking movements in coking coal costs.

Pig iron prices rise, signalling improved downstream sentiment

In the downstream segment, steel-grade pig iron prices in Durgapur increased by INR 150/t w-o-w to INR 41,050/t ex-works, indicating improved price realisations in the domestic market. Supporting this trend, SAIL Bokaro Steel Plant (BSL) conducted a steel-grade pig iron auction on 8 April 2026, offering 3,500 t, with the entire quantity booked at an average price of INR 38,900/t.

The auction price was INR 550/t higher compared with the previous auction held on 1 April 2026, where the same volume was sold at INR 38,350/t. The price increase reflects relatively stronger buying interest and a modest improvement in the near-term market outlook.

Outlook

Indias metallurgical coke prices are likely to remain muted in the near term, supported by high production costs and import parity. However, weak trade activity and cautious steelmaker procurement may limit further upside, while any decline in global coking coal or imported coke prices could cap domestic gains.