Indian Pellet Export Prices to China Fall in Recent Deals
Inquiries for seaborne pellet cargoes from Chinese mills which remained subdued since almost a month’s time has observed some signs of improvement this week. Indian pellet export prices have fallen in recent deals concluded.
An eastern India based pellet maker has concluded deals for two cargoes carry 50,000 MT pellets each (Fe 64/63% grade with 3% alumina). As per the sources, the deals were heard to be concluded at USD 114-115/MT, CFR China for both the shipments in March’19.
Couple of weeks back southern India based pellet maker - KIOCL had concluded pellet export deal of 50,000 MT consisting of Fe 64% content with less than 2% alumina. As per the sources, the deal was concluded at around USD 116.5/MT, FoB India. Although the material is expected to have booked for non-Chinese destination.
According to the market participants report to SteelMint, Chinese mills were prefering low-grade iron ore which in turn kept inquiries for Indian pellets on the lower side. Even pellet port stocks in China have registered an increase in the last couple of weeks. But with low-grade ore turning costlier amid narrowed discounts & stringent pollution control norms, mills may raise inquiries for pellets.
Indian pellet exports for the month of Feb'19 witnessed a decrease of 20% M-o-M to 0.81 MnT, as against 1.02 MnT a month before in Jan’19. KIOCL exported 0.17 MnT (Up 20%) in the month of Feb’19.
source: SteelMint
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