India: Met coke market remains stable w-o-w amid limited imports

• Imports pause amid pending quota approval
  
  
• Chinese met coke prices see 2nd straight hike
  
  

India's metallurgical coke (met coke) market exhibited stability w-o-w across key trading hubs on 23 July 2025. Despite increasing momentum in international markets, domestic prices held steady, amid muted trade. However, prices were supported by static supply-demand dynamics and a lack of new import arrivals.

Met coke prices steady across key hubs

In eastern India, BF-grade (25-90 mm) met coke prices remained unchanged, with BigMint assessing rates at INR 29,000/tonne (t) ex-Jajpur. Similarly, the western region price stability, with Gandhidham recording ex-works prices of INR 29,100/t. The flat price trend is largely attributed to subdued trade volumes and an absence of major triggers in the domestic market.

Import activity on hold amid pending quota approval

A key reason for the domestic market's stability is the delay in finalising company-wise import quotas under the quantitative restriction (QR) system. According to a market source, "No fresh coke imports have been recorded, as customer-wise import quotas have yet to be approved."

Once these quotas are finalised, imports are expected to resume, which could impact domestic tags, depending on landed costs and global price trends.

Rising pig iron auction prices indicate strong demand

While met coke prices remained flat, rising prices in recent pig iron auctions point to a healthy downstream demand. On 22 July 2025, SAIL's Rourkela Steel Plant auctioned 2,500 t of steel-grade pig iron at INR 32,450/t ex-works, up INR 250/t from the 11 July auction.

Similarly, NMDC's Nagarnar plant sold 10,000 t on 17 July at INR 31,450/t (by road), a rise of INR 350/t since 1 July, though management approval is pending on the results.

These price increases reflect steady downstream demand.

Chinese coke producers implement 2nd round of price hikes

Chinese met coke producers implemented a second consecutive round of price hikes, which received acceptance from steel mills, indicating bullish sentiment. Additionally, imports from Mongolia and Russia gained momentum due to rising Chinese domestic prices and limited supply.

China's coking coal and met coke markets experienced sharp upward movement. Driven by supportive policy signals, intensified regulatory inspections, and reduced mine inventories, prices surged across both futures and spot markets. On 23 July, September coking coal futures rose by 11% d-o-d, while spot prices spiked amid reports of zero stock at several mines.

Australian coking coal prices rise slightly

Meanwhile, the international seaborne market also witnessed marginal price increases. Australian premium hard coking coal (PHCC) prices edged up by $3/t w-o-w, settling at $176/t FOB. The limited increase suggests a cautious tone in global markets, though underlying fundamentals remain tight.

Outlook

India's met coke market is expected to improve in the near term until clarity emerges on the import quota policy. Meanwhile, strengthening pig iron prices may provide a supportive base for future met coke demand.