18 Jan Petroleum Coke
Prices of spot petcoke cargoes are increasing, as forecast by IW2E. India is taking about 0.50 mt in January, up from 0.25 mt in December 17 and 0.16 mt in November. Indian industrial buyers are returning to the market after the country’s Supreme Court overturned a ban in three states. The deals started to flow again after the decision. Ex-Saudi Jubail coke sold at $92/t CIF east coast, and USG coke sold at $104/t CIF east coast India (see freight table). More deals are in the pipeline. For lower sulphur grade coke (4-5%), Venezuelan supplies are offering three laycans in January. A cargo loaded in late December, but is still on the water. USG coke is in short supply, but a 50kt cargo is on offer for late February/early March. Turkey, Brazil, Guatemala and Egypt are all searching the market for spot cargoes. A Turkish buyer bought a 50kt stem at $105/t CIF Marmara, for a single port discharge. IW2E is assessing prices for these grades at $84-85/t FOB USG. Low sulphur grade Russian coke is not being exported to the European market. Suppliers are able to get $150-160/t DAP heading to the Chinese border, compared to $135/t CIF Turkey.
Outlook – Prices to increase on renewed India demand and growing Med interest. Steel-sector forecast to consume more in 2018.