Indian pellet makers stated decline in pellet inquiries from Chinese steel mills. Mills were heard to have shifted to low grade iron ore amid shrinking steel margins. Discounts on low grade ore has come down to 33% against previous discount of 37%.
This has reduced bids for pellets and high grade ore. Although no fresh deals were reported but indications for buying interest of Indian pellet export prices was heard around USD 115-120/MT, CFR China for 3% Alumina pellets.
Last deal reported a week back was done by southern India based pellet maker - KIOCL at around USD 116/MT, FoB India for lower Alu