In January 2024, India witnessed a 41% m-o-m drop in met coke imports, reaching 0.28 million tonnes (mnt) compared to 0.47 mnt in December 2023. India’s met coke imports fell in January after elevated imports in December.
Domestic met coke prices were under pressure during the month. Merchant cokeries operated at reduced capacity by blending imported with domestic coke. Imports fell despite better price realisation on reduced demand and buying levels.
Country-wise imports
India’s met coke imports from China stood at 0.12 mnt in January, up more than twofold compared to 0.05 mnt in December. Imports from China picked up significantly on comparatively better offers. Import prices were around INR 2,000/t cheaper compared to domestic prices. Import prices dropped 2% m-o-m to $365.8/t CNF India in January as against $374.4/t in December.
Shipments from Indonesia dropped 42% m-o-m to 0.07 mnt in January as against 0.12 mnt in December. Moreover, imports from Poland and Australia dropped 74% and 85% to 0.03 mnt and 0.01 mnt, respectively, in the month under review.
Port-wise imports
Paradip port received the highest imported cargo volumes of 0.09 mnt, followed by Haldia at 0.08 mnt. Hazira and Mormugao ports received 0.04 mnt and 0.03 mnt, respectively. Kandla port received 0.03 mnt.
Outlook
India’s met coke imports are expected to pick up in the coming weeks on better imported offers. Declining coking coal prices may change the blend mix of domestic and imported material. However, unless coking coal prices are low enough for merchant cokeries to fetch a sufficient premium, met coke prices may not witness an uptick.
