India: Met coke market turns cautious amid lack of clarity on extension of anti-dumping duty

• Eastern India prices drop INR 500/t w-o-w, western prices stable
  
  
• Ample domestic supply, cautious steel market weigh on prices
  
  

India's domestic metallurgical coke prices fell during the assessment week ended 2 July 2026, primarily due to cautious buying. Market participants remained on the sidelines, waiting for the government's decision on the anti-dumping duty (ADD) on low-ash met coke imports. One market participant stated, "Sellers have withheld fresh offers, preferring to wait for greater clarity before committing to new transactions."

BF-grade metallurgical coke prices in eastern India declined sharply by around INR 500/t w-o-w to approximately INR 36,000/t ex-Jajpur, reflecting weak sales and limited spot transactions. In contrast, in western India, BF-grade coke prices remained stable at around INR 34,000/t ex-Gandhidham, supported by relatively stronger regional demand. Foundry-grade coke prices also held steady at approximately INR 36,400/t ex-Rajkot, backed by consistent demand from the foundry sector.

Despite firm international pricing, stable domestic coke availability and cautious steel market sentiment continued to limit any upward movement in domestic prices. A market participant indicated, "Weaker steel demand has reduced procurement activity, while expectations of the forthcoming anti-dumping duty announcement have encouraged both buyers and sellers to remain on the sidelines."

Imported met coke trade slows amid anti-dumping policy uncertainty

India's imported met coke market registered a marginal decline during the week, although international prices remained relatively firm due to elevated raw material costs. BigMint's assessment for Indonesian BF-grade coke (65/63 CSR) eased marginally by around $1/t w-o-w to nearly $318/t CFR India.

FOB Indonesia offers were reported at around $291-292/t. However, spot buying activity remained limited as importers continued to defer purchases until the government's anti-dumping duty decision becomes clearer.

A market participant also noted, "Several Indonesian producers and traders are deliberately holding back export allocations in anticipation that any anti-dumping duty on imports could tighten supply into India and support higher prices."

China's coke market strengthens on tight coking coal availability

China's metallurgical coke market remained firm during the week, with the ninth round of coke price increases being fully implemented. The strengthening trend continued to be supported by constrained coking coal availability resulting from slow mine resumptions in Shanxi and ongoing mine safety inspections.

Stable operating rates at coking plants, low inventory levels, and robust demand from steel mills operating at high blast furnace utilisation rates continued to underpin market fundamentals. Although some coking coal auction prices softened due to cautious procurement, overall market sentiment remained positive, with expectations of a potential tenth round of coke price increases in the coming weeks.

Pig iron market shows gradual improvement in buying interest

India's steel-grade pig iron prices in Durgapur increased by around INR 50/t to approximately INR 37,800/t ex-works. Buying sentiment also improved in NMDC's latest pig iron auction on 02 July; the entire 6,000 t offered were successfully booked at an average price of INR 36,100/t ex-works, marking an increase of INR 150/t compared with the previous auction. In the preceding auction, 6,000 t were sold out of the 10,000 t offered at an average price of INR 35,950/t ex-works.

Outlook

India's met coke market is expected to remain cautious in the near term as buyers and sellers await clarity on the government's anti-dumping duty decision. Domestic prices are likely to remain under pressure until procurement activity revives, particularly as steel demand remains subdued. Rumours indicate that a few vessels are likely to arrive by mid-July; these may get cleared without anti-dumping duty if the government does not implement the duty on a retrospective basis.

However, if anti-dumping duties are extended, imported met coke availability could tighten considerably, providing support to domestic coke prices and encouraging higher-priced import offers. At the same time, China's firm coke market and tight coking coal supply are expected to keep international coke prices well supported, limiting the downside risk for imported material.

Overall, the Indian met coke market is expected to remain policy-driven over the coming weeks, with government trade measures, domestic steel demand and international raw material costs shaping future price movements.