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Latest filing: 2026-08-08 16:41
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5-Year Anti-Dumping Duty Imposed on LAM Coke Imports; Positive for Domestic Pricing
The Ministry of Finance has imposed a definitive anti-dumping duty (ADD) on Low Ash Metallurgical (LAM) Coke imports from Australia, China, Colombia, Indonesia, Japan, and Russia for five years. This regulatory move protects domestic players like Nilachal Carbo Metalicks (FY26 revenue 200 Cr) from low-priced foreign imports that distort market pricing. The duties, ranging from $42.95 to $128.83 per MT, are expected to improve the company's pricing power and support its 98% capacity utilization. This provides a favorable backdrop for the company's ongoing 48,000 MTPA capacity expansion at its Baramana unit.
Confidence: HIGH
What changedThe government transitioned from provisional to definitive anti-dumping duties on LAM coke imports from six major exporting nations.
Why it mattersIt creates a price floor against dumped imports, protecting the margins of domestic manufacturers who face high raw material costs (coking coal is 87% of sales costs for the company).
Max Anti-Dumping Duty: $128.83 per MTMin Anti-Dumping Duty: $42.95 per MTDuty Duration: 5 yearsFY26 Revenue: 200 CrPlanned Capacity Addition: 48,000 MTPA
📅 Short termExpect positive sentiment in the stock as the duty reduces competitive pressure from cheap imports, potentially leading to immediate stabilization of domestic coke prices.
📈 Long termProvides a structural advantage for the next five years, supporting the company's 44% capacity expansion strategy and helping mitigate the risks of steel industry cyclicality.
⚠ Risk flags
- High raw material dependency on imported coking coal
- 76% revenue concentration among top five customers
Key Highlights
Definitive anti-dumping duty imposed for a 5-year period on LAM coke with ash content below 18%.
Highest duty of $128.83 per MT imposed on imports originating from China PR.
Duty of $71.16 per MT applied to imports from Australia, a key global supplier.
Exemptions granted for specialized ultra-low phosphorus coke (<0.030%) used in ferroalloy manufacturing.
Policy aims to protect domestic EBITDA margins and support long-term investment in manufacturing capacity.
👀 What to Watch
Monitor quarterly EBITDA margins and average realizations in FY27 to quantify the actual benefit of these duties. Track the execution timeline of the 48,000 MTPA capacity expansion which stands to benefit from this protected market.
