India's met coke prices remain stable on cost pressure, mixed demand signals

• Rising coking coal costs support coke prices
  
  
• China's first coke price hike implemented
  
  

India's blast furnace (BF)-grade metallurgical coke prices remained largely stable w-o-w on 2 April 2026, reflecting balanced supply conditions and cautious demand from downstream sectors.

According to assessments by BigMint, BF-grade coke (25-90 mm) prices in eastern India were stable at INR 36,000/t ex-Jajpur, while prices in western India were at INR 31,000/t ex-Gandhidham. Meanwhile, foundry-grade coke (+90 mm) prices recorded a marginal uptick of INR 200/t, reaching INR 36,200/t ex-Rajkot.

Market participants indicated that the overall market sentiment remains stable but subdued. Demand continues to remain moderate, with buyers resisting higher price offers due to elevated freight costs. This has created margin pressures for coke manufacturers, especially as raw material costs continue to rise.

Rising import costs support domestic price floor

Import parity continues to play a key role in sustaining the domestic price floor. As per BigMint assessments, Indonesian-origin BF coke (65/63 CSR) was evaluated at $290/t CFR India, marking a $4/t w-o-w increase.

Market sources reported that an Indian trader recently concluded a deal for approximately 50,000 t of BF-grade metallurgical coke at $265/t FOB. The import transactions indicate that international prices continue to provide cost support to the domestic market.

On the raw material front, prices of Australian premium hard coking coal have inched up by $1/t w-o-w to $237/t FOB, reflecting firm seaborne coal market fundamentals. Rising coking coal prices are further tightening margins for coke manufacturers, reinforcing the need to maintain domestic coke price levels.

China's coke market strengthens

In China, the coke market strengthened on 2 Apr'26 following the full implementation of the first round of coke price increases. Coking coal supply remained adequate and prices were largely stable, while coke plants maintained normal production levels and relatively low inventories.

Improving steel demand supported the market, with blast furnace utilisation rising to around 75%, while daily hot metal production reached approximately 2.24 mnt. These developments signal improving consumption of metallurgical coke in China, which could influence regional market sentiment.

Mixed signals from pig iron segment

Despite firm cost support from imports and raw materials, downstream demand indicators in India remain mixed, particularly in the pig iron segment. Steel-grade pig iron prices in Durgapur increased sharply by INR 3,400/t w-o-w to INR 40,900/t ex-works, indicating improved price realisations in the domestic market.

In line with this trend, Steel Authority of India Limiteds Bokaro Steel Plant conducted a steel-grade pig iron auction on 1 April, offering 3,500 t, with the entire quantity booked at an average price of INR 38,350/t. This represented an increase of INR 2,800/t compared with the 25 March 2026 auction, where 7,000 tonnes were sold at INR 35,550/t, reflecting improved market sentiment and relatively firmer demand in recent transactions.

However, overall pig iron demand remains inconsistent, limiting stronger upward momentum in domestic coke prices.

Outlook

India's metallurgical coke prices are expected to remain largely stable with limited upside potential. Rising coking coal costs, firmer import parity levels, and supportive trends in the Chinese coke market are likely to sustain the domestic price floor.

However, subdued downstream demand, high inland freight costs, and cautious purchasing by pig iron producers may continue to restrict significant price increases. Market participants will closely monitor developments in steel production levels, pig iron demand recovery, and movements in seaborne coking coal prices, which are expected to play a crucial role in determining the direction of India's coke market in the coming weeks.