India: Met coke market remains steady, AD duty expected to boost sentiment

• • Prices stable amid policy support, demand still subdued

• • Market balanced as supply additions meet weak steel appetite

The Indian metallurgical coke (met coke) market witnessed a largely unchanged price trend across the eastern and western regions on a w-o-w basis during the period leading up to 31 December 2025, reflecting a balanced but cautious market sentiment.

In eastern India, BF-grade (25-90 mm) coke was assessed at INR 32,000/t ex-Jajpur, unchanged w-o-w. Similarly, in western India, prices remained stable at INR 29,800/t ex-works Gandhidham. Foundry-grade met coke prices were also flat at INR 35,200/t ex-Rajkot, indicating muted demand from downstream users.

Govt imposes provisional anti-dumping duty on LAM coke:

Provisional anti-dumping duty has been imposed by the Indian government on low-ash metallurgical coke (ash content below 18%) for six months. The duty, ranging between $60.87/t and $130.6/t, applies to imports from China, Indonesia, Colombia, Japan, and Russia, aiming to shield domestic producers from low-priced overseas material.

On the raw material front, Australian premium hard coking coal prices were assessed at $218/t FOB, unchanged w-o-w, offering cost-side stability to coke producers.

However, yesterday BF-grade met coke prices held stable across regions. Market participants noted that some players have resumed operations, while new entrants have also emerged, potentially increasing domestic availability.

China’s coke market: Weakness persists:

China’s domestic coke market remained under pressure during 29-31 December, as the fourth round of price cuts was implemented. Weak molten iron output and declining coking coal prices continued to erode coke margins. While coal supply disruptions were reported, these were largely temporary, with mine restarts expected in January.

Despite stable coke output, sharply compressed margins have increased the risk of production cuts. Year-end steel demand stayed weak, inventories remained sufficient, port-side sentiment was bearish, and steelmakers continued to push for lower raw material prices due to falling finished steel values.

Domestic pig iron market:

India’s pig iron market showed positive momentum. Steel-grade pig iron prices were assessed at INR 34,800/t exw-Durgapur, up INR 1,000/t w-o-w.

SAIL-BSP auctioned 910 t on 27 December, with the entire volume booked at an average of INR 33,900/t exw, marking a sharp rise of INR 2,900/t compared to the previous auction in October.

Outlook:

In the near term, the Indian met coke market is expected to remain firm amid expectations tat the anti-dumping duties will offer price protection and support.