Coal news and updates

6.50 lakh tons imported pet coke for Shree Cement

December 22: Shree Cement Ltd, India leading cement-maker, is expecting to end financial year 2014-15 with total purchases of 650,000 tons of petroleum coke, an official said.

In addition, the company had purchased about 1.08 million tons of domestic petroleum coke, largely through Reliance Industries Ltd (RIL).

“We must have purchased at least 6.50 lakh tons of imported pet coke during the year. In addition, we are buying about 90,000 tons of domestic pet coke monthly, which amounts to 1.08 million tons annually,” the official said.

Asked if the company is planning to book any new imported petroleum coke cargo, the official said, “We are booked till March 2015 and if anything has to be purchased, we will buy only in January-end or February.”

Asked about the future outlook for pet coke prices, the official said, “Overall, the market looks fine. But, at present, there is no surety in the commodities markets. You have seen South African coal being sold at $112 per ton and right now it is available at about $62-63 per ton. Whereas imported pet coke is down to $85-87 per ton CIF India from a high of $120 per ton.”

“If the price of the liquid fuel declines, prices of solid fuels will also fall,” the official said, adding that crude oil prices are down to less than $60 per bbl from a high of around $105 per bbl at the beginning of May this year.