India's pet coke imports rise 38% y-o-y in CY'24 on growing industrial demand

In CY'24, India imported a total of 16.3 million tonnes (mnt) of pet coke, marking a 38% increase from 11.8 mnt in CY'23. On a monthly basis, imports in January 2025 stood at 1.5 mnt, a 33% rise over December 2024. This upward trend in imports aligns with the growing demand for pet coke in industries such as cement and power generation.

Notably, Indian cement consumption expanded by 6.2% y-o-y in 2024, amounting to 444.2 mnt, up from 418.1 mnt in 2023. This increase in production has contributed to higher demand for pet coke as a primary fuel source in the industry.

US remains largest supplier

The top three countries from which India imported pet coke in CY'24 were the United States (8 mnt), Saudi Arabia (3.4 mnt), and Venezuela (1.4 mnt). Compared to CY'23, the US saw a significant rise of 23%, from 6.5 mnt in 2023. Total volumes from Saudi Arabia increased by 21%, and Venezuela witnessed a 17% rise. M-o-m, January imports from the US were 1 mnt, a 20% rise from December. Some Indian importers prefer Saudi Arabian pet coke due to shorter delivery times, which helps in maintaining a steady supply chain for industries requiring consistent fuel sources.

Ultratech remains largest importer

The top buyers in CY'24 were Ultratech Cement (2.4 mnt), Shri Cement (1.7 mnt), and Reliance Industries (0.6 mnt). These buyers witnessed a 7% y-o-y increase in imports, with Ultratech seeing a significant uptick. In January, Ultratech's imports stood at 0.1 mnt, up by 10% from December. Demand from the cement sector remains strong due to stable construction activities, leading to sustained high import levels.

Kandla and Vishakhapatnam emerge as key ports

Kandla and Vishakhapatnam were the top two ports for pet coke in CY'24, with 3.8 mnt and 2.5 mnt, respectively, marking a 30% increase from CY'23. January imports at Kandla saw a 5% rise compared to December. The strong inflow at these ports indicates growing regional demand, particularly from western and southern India, where major cement and power industries are concentrated.

Currently, India's imported pet coke prices stand at $110-111/t CFR for the west coast and $113-114/t CFR east coast.

Outlook

India's growing dependency on imported pet coke is expected to continue, with tight domestic supply and increasing refinery prices. As domestic production constraints persist, imports are likely to rise. Prices for pet coke may increase further as global suppliers see higher demand, especially from sectors like cement and power generation. Elevated prices and limited availability may impact the Indian market.