India's pet coke imports fall 40% in Jan-Apr'26 as end-users shift to cheaper substitutes

• Thermal coal remains cheaper than pet coke
  
  
• Weak cement demand puts pressure on imports
  
  

India's pet coke imports decreased from 5.2 mnt in Jan-Apr'25 to 2.9 mnt in January-April 2026, as per provisional data maintained with BigMint. Imports in April declined sharply by 33% y-o-y compared with 1.2 mnt in April as high prices, weak cement demand and increasing coal substitution continued limiting buying interest. Cement producers largely preferred cheaper thermal coal, while procurement remained requirement-based amid expectations of softer pet coke prices ahead of the monsoon season.

US dominant supplier, Saudi supplies fall steeply

The United States remained the largest supplier to India in April, and volumes remained flat y-o-y compared with April. Saudi Arabia shipments declined 50% m-o-m to 0.1 mnt from 0.2 mnt and were also down 67% y-o-y from 0.3 mnt last year. Venezuela supplied around 0.1 mnt during April after negligible volumes in March. Imports from Oman and the UAE remained negligible compared with April levels, reflecting lower Middle East cargo availability and cautious Indian buying interest.

Market participants stated that elevated freight costs, supply disruptions in West Asia and weak downstream cement demand continued affecting import decisions. Buyers largely avoided aggressive bookings despite softer seaborne pet coke offers, as coal economics remained more attractive.

Ultratech remains top buyer

Ultratech Cement remained India's largest pet coke importer in April, with volumes stable m-o-m at 0.2 mnt. However, imports declined 60% y-o-y from 0.5 mnt in April, indicating reduced dependence on imported pet coke. Reliance Industries increased imports 100% m-o-m to 0.2 mnt from 0.1 mnt, while Rain CII maintained stable imports at 0.1 mnt.

Compared with April, several buyers reduced import dependence significantly as cement producers increasingly shifted towards coal-heavy fuel mixes and relied on existing inventories.

Competition from coal limits buying

Competition from imported and domestic coal continued pressuring pet coke demand during March as coal remained significantly cheaper for cement producers. US NAPP 6,900 NAR coal offers into India's west coast were heard in the low-to-mid $130s/t CFR range, compared with imported pet coke offers around $145-150/t CFR India. At Kandla, US-origin 6,000 NAR thermal coal averaged around $121.25/t CFR in March, making coal more economical than US-origin 6.5% sulphur pet coke, which averaged around $156/t CFR Kandla during the month.

US-origin pet coke prices surged around 30% m-o-m from an average of nearly $120/t in February and were also up around 30% y-o-y compared with $120.2/t in March. The sharp rise was mainly driven by elevated freight costs, supply tightness and geopolitical tensions impacting Middle East shipping routes. In contrast, imported thermal coal remained relatively competitive, encouraging cement producers to increasingly shift towards US NAPP, Russian and domestic coal blends to optimise fuel costs and reduce dependence on costly pet coke.

Outlook

India's pet coke imports may remain subdued in the near term as cement producers continue favouring cheaper alternatives amid weak seasonal demand and comfortable fuel availability. Although softer global pet coke prices may encourage selective buying, cautious procurement strategies and expectations of further price corrections are likely to limit aggressive import activity.