Pet coke prices have further receded in India.
The largest producer in the country—Reliance Industries limited—has reduced its ex-work price by INR 200/MT w.e.f today. The basic price of the company stands at INR 3,500/MT.
According to inputs received from market participants, domestic purchases are likely to gain more momentum in the coming days in comparison with imports due to declining prices of domestic materials. In context to latest Pet coke procurement practice, an official of a reputed cement company told that they stopped importing and preferred domestic purchases.
On the other hand, import offers from key international markets have also remained soft. According to a leading importer, offers for Pet coke (with around 9% Sulphur Content) from Saudi Arabia have gone further down to around USD 38/MT, CFR India. While, offers for Pet coke (with 6-6.5% Sulphur content) from the US are around USD 47-48/MT, CFR India.
In the meantime, imports have continued to land at Indian ports. Low offers in the major international markets have continued to attract Indian buyers.During 13-28 Dec’15, 706,770 MT of Pet coke has reached the country’s ports, according to SteelMint research. Most of the importers were cement manufacturers, and Saudi Arabia and US were the prominent importing regions, the research shows.
The customs exchange rate has remained at INR 67.20 per USD.