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India’s May coking coal imports rise 45pc on year
India’s May coking coal imports rise 45pc on year
Singapore, 1 July (Argus) — India's coking coal imports rose year on year in May driven by a jump in shipments from Russia and Indonesia. The country imported 7.32mn t of coking coal in May, up by 45pc from the previous year and by 13pc from April, according to data from e-commerce firm Mjunction. January-May shipments also rose by 12pc to 27.21mn t. Lower shipments from Australia and Canada were more than offset by increases from other suppliers. In particular, Russian shipments more than tripled to 1.90mn t from a year ago. Arrivals from Mozambique and Indonesia also rose by 53pc and 94pc respectively to 517,766t and 504,850t. India's metallurgical coke imports fell by 41pc to 296,848 t in May. Indonesian and Chinese coke arrivals more than halved from the previous year to 120,742t and 32,995t respectively, but were higher compared to April. Meanwhile, shipments from Poland and Columbia rose by 63pc and 29pc respectively to 106,900t and 36,211t from a year ago. Pulverised coal injection (PCI) imports fell 70pc on the year to 534,970t in May, with January-May volumes down 21pc. Both Australian and Russian volumes saw steep declines in the period at 54pc and 26pc respectively. India's crude steel output rose by nearly 10pc on the year to 13.5mn t in May. The Argus premium low-volatile hard coking coal index in May averaged $204.57/t cfr India, down by 22pc from the previous year. By Romil Sethi and Xiuqi Huang India metallurgical coal imports '000s Origin May-25 May-24 ± % Apr-25 ± % Jan-May 2025 Jan-May 2024 ± % Coking coal Australia 2,734 2,748 -1 3,063 -11 12,151 13,500 -10 US 1,290 943 +37 960 +34 4,515 4,191 +8 Canada 164 200 -18 313 -47 642 1,503 -57 Mozambique 518 339 +53 0 n/a 1,430 1,212 +18 Indonesia 505 260 +94 139 +264 1,271 1,118 +14 Russia 1,895 490 +287 1,420 +33 4,548 2,640 +72 Others 213 54 +291 559 -62 2,652 240 +1007 Total 7,319 5,035 +45 6,453 +13 27,210 24,404 +12 Met coke Indonesia 121 266 -55 85 +42 545 843 -35 China 33 101 -67 29 +14 193 413 -53 Poland 107 66 +63 0 n/a 238 316 -25 Colombia 36 28 +29 68 -47 200 87 +129 *Total 297 502 -41 403 -26 1,624 1,859 -13 PCI Australia 25 461 -95 173 -86 1,196 2,618 -54 Russia 477 1,303 -63 465 +3 3,890 5,287 -26 *Total 535 1,764 -70 637 -16 6,231 7,914 -21 Source: Mjunction *Note: Total includes additional small values excluded from individual breakdown, so component numbers may not sum to total Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
India extends coke import curbs till 31 Dec
India extends coke import curbs till 31 Dec
Mumbai, 1 July (Argus) — India has extended quantitative restrictions (QR) on Low Ash Metallurgical Coke (LAM Coke) imports for another six months, from 1 July to 31 December 2025. The Directorate general of foreign trade (DGFT) issued the notification on 30 June, keeping country-wise quotas unchanged. The total volume stands at 1.42mn t, mirroring the previous six months. Australia, Russia, and Indonesia retain the bulk of the total allocation. Imported coking coal prices have been on a steady downward trajectory since the start of the year. Despite a spate of mining incidents from Australia minor in April, the support in spot prices was deemed momentary with China staying out of the spot market, while seasonal monsoon lulls in India weighed heavily on coking coal procurement. The metallurgical coal premium hard low-volatile cfr east coast India price started at $212.85/t cfr India on 2 January this year, and fell as low as $181/t year-to-date on 21 March and was assessed at $189.45/t cfr on 30 June, marking a $23.4/t cfr drop from the start of the year. The country has also ramped up on protectionist measures in the second quarter of this year, following mounting concerns of a potential dumping of Chinese steel products into India amid an already-saturated global steel complex. In late April, India imposed a 12pc safeguard duty on steel imports in a bid to protect its domestic steel industry. The safeguard duty would be in place for 200 days, in addition to the QR restrictions that has went into effect since 1 January this year. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico central bank lowers target interest rate to 8pc
Mexico central bank lowers target interest rate to 8pc
Houston, 30 June (Argus) — Mexico's central bank lowered its target interest rate by half a percentage point to 8pc, its lowest since July 2022, but signaled a slower pace to the current rate cut cycle on inflation concerns. The central bank move marked the fourth half-point rate cut of 2025 and followed five quarter point cuts last year from a cyclical peak of 11.25pc in March 2024. In its rationale, the board said last week it based the decision on "the behavior of the exchange rate, the weakness of economic activity, and the possible impact of changes in trade policies worldwide." The peso was trading at Ps18.83/$1 Monday compared to Ps19.40/$1 a month earlier. However, for the first time this year, the decision was not unanimous, going 4-1, with deputy governor Jonathan Heath voting to hold the rate unchanged. Mexican bank Banorte noted the decision was less dovish in tone, having eliminated the phrase "of a similar magnitude" after stating "…looking ahead, the board will assess further adjustments to the reference rate" as appeared in this year's earlier decisions. Banorte said it now thinks the next decision 7 August will be for a quarter-point cut to 7.75pc, instead of a half-point to 7.5pc, but maintains its year-end forecast for the rate to reach 7.00pc. The decision included upward revisions to the bank's end-2025 consumer prices forecasts, with the headline forecast at 3.7pc from 3.3pc in the previous forecast on 15 May while the core estimate – which excludes volatile food and energy prices – moved to 3.6pc from 3.4pc. The board based the revisions on recent inflation data, noting headline inflation accelerated to 4.51pc in the first two weeks of June from 3.93pc in April. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Higher stocks could weigh on Brazil steel prices
Higher stocks could weigh on Brazil steel prices
Sao Paulo, 30 June (Argus) — Above-average inventory levels will likely keep steel prices in Brazil under pressure in the coming months, steel distributors' association Inda said. Steel inventories reached 1.07mn metric tonnes (t) in May, up by 17pc from a year earlier, Inda said last week. The volume represents 3.3 months of available inventory, above the historical average of 2.9 months, which could fuel buyers' leverage to negotiate discounts in their favor. Hot-rolled products account for 685,000t of the stock, a 22pc increase from a year prior. Argus -assessed hot-rolled coil (HRC) cfr Brazil prices dropped to $507-525/t on 25 June, down from $520-540/t in early June. HRC import prices have fallen by nearly 5pc year-to-date. Buyers have been holding off on new purchases in the past three weeks, waiting to see if demand stays strong enough to bring down stock levels. Sluggish demand has driven domestic mills to regularly offer discounts on spot transactions since April. The ex-works Brazil HRC price remained flat at R3,800–4,000/t last week because of slow trade. Higher financing costs also threaten to reduce demand further in a market that relies heavily on credit. Brazil's central bank increased interest rates to 15pc on 18 June, the highest level in 20 years. Increased interest rates tend to weaken sales in the construction, automotive and household appliance sectors, eroding domestic steel demand. Imports threaten domestic upside Rising imports and falling international prices are also pressuring domestic prices. Import levels could hit another record in 2025 despite the government's recent renewal of its 25pc quota-tariff system on steel, distributors said. Imports reached an all-time high of 5.9mn t last year, with 70pc originating from China, according to industry chamber Instituto Aco Brasil . Quota volumes for 2025-2026 period are tighter and include more products, triggering the 25pc tariff for an additional 300,000t of steel from volumes set for the 2024-2025 cycle]. Still, many steel distributors and service centers have been paying the 25pc tariff because import price discounts offset the higher duties, Inda president Carlos Loureiro said. Flat steel imports surged to 418,000t in May, up by 71pc year-over-year, Inda said. The association import figures include heavy plates, HRC, cold-rolled coil, hot-dipped galvanized, electro-galvanized, pre-painted and galvalume sheets. Additional imports are about to enter the market after customs workers paused a strike in early June, after six months of import and export paperwork delays. The strike to demand a 28pc salary raise contributed to a build-up of cargoes stuck at Brazilian ports. At least 350,000t of various grades of steel coils were waiting to dock and unload at Brazilian ports by the last week of June, tracking data shows. Sales outlook optimistic Inda estimates a 4pc rise in June sales volumes from May, despite current higher inventories levels and declining prices. The forecast takes into account historical June trends and early feedback from Inda's members on how sales began this month. Flat products sales reached 329,000t in May, up by 4pc from a year earlier, when Inda's members sold 315,600t. Purchases exceeded sales by 10,000t, further inflating inventory levels. Total purchases climbed to 339,500t last month, 8pc higher than 314,300t recorded in May 2024. But some import traders disagree with the Inda's forecast, saying that demand remains weak and is unlikely to rise in the coming weeks. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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