India’s Quantitative Restriction on met coke: impact on seaborne trade and coking coal prices

India, the largest importer of seaborne coke and coking coal, has announced a Quantitative Restriction (QR) on “imported low-ash metallurgical coke” from 1 January to 30 June 2025. The quota is set at 1.4 Mt for H1 2025, a significant reduction from the 2.4 Mt imported in H1 2024. This QR will shift India's demand from coke to coking coal imports, likely supporting prices of coking coal brands preferred by India and widening the spread between PMV and PLV. Read our report to understand: • Can India's QR ruling significantly support the seaborne coking coal market, or will the market direction hinge on the interplay between rising Indian demand and declining demand in coke-exporting countries like Indonesia? • How will this artificial trade hurdle reshape global seaborne coke and coking coal trade flows? • Will the six-month QR ruling be extended into H2 2025, and if so, will there be any modifications to the restrictions?