India: Jindal SAW Hike Pellet Offers Amid Global Price Hike

West India (Rajasthan) based pellet maker - Jindal SAW has increased pellet prices by INR 150/MT. Current offers for Fe 63% grade pellets have moved up to INR 8,450/MT (delivered Kandla) against the previous offer of INR 8,300/MT at last week. Jindal SAW runs a 1.5 MnT pellet plant in Bhilwara (Rajasthan).

Spot iron ore prices increased amid shortage of global supply. Fe 62% fines price increased to USD 96/MT, CFR China last week and still fines are trading at very high prices at USD 94/MT, CFR, China this week. Offers for imported South African lump are assessed at USD 115-120/MT, CNF India.

Pellet prices in Durgapur move up -: Eastern India pellet prices have remained supported in Durgapur (Eastern India). SteelMint’s reference pellet price assessment stands at INR 5,900-6,000/MT (delivered) against INR 5,800-5,900/MT last week. As per the market sources, one of the pellet maker has concluded 2,000 MT pellet at INR 6,000/MT today. SteelMint has learned that most of the transaction happened on requirement basis.

P-DRI prices have decreased by INR 300/MT this week at Durgapur to INR 17,500/MT against last week assessment of INR 17,800/MT.

Most of the merchant pellet makers from Barbil are not offering in the domestic market.

Central India pellet offers unchanged -: Pellet offers for this week stood at INR 6,600/MT in line with last week offers. P-DRI price increased declined by INR 400/MT to INR18,400/MT (basic) compared to INR 18,800/MT a week ago. No deals were reported at revised offers of INR 6,600/MThowever as few Raipur based pellet manufacturers confirmed to have concluded deals at INR 6,500/MT (ex-Raipur) although being of handful quantity.

Raigarh based pellet makers’ offer at INR 6,300 (ex-plant). They have concluded around 10,000-15,000 MT pellets at INR 6,200/MT.

Southern India pellet offers unmoved amid falling sponge prices -: Southern India (Bellary) pellet offers for Fe 63% (+) grade remains stable at INR 7,000-7,100/MT in line with last week’s assessment.

Bellary P-DRI price declined at INR 18,400/MT against last week assessment at INR 18,800/MT.

Indian pellet trade updates-:

-- Jajpur based Brahmani River Pellets has kept the offers firm at INR 6,800/MT to Kalinganagar based units.

-- Southern India based Janki Corp is offering Fe 63% grade pellets at INR 7,000/MT (ex-plant) in Bellary.