India: Raipur Pellet Prices Hit 3-Month High

Pellet offers for this week increased sharply in the recently concluded deals. SteelMint’s assessment stands at INR 6,900-7,000/MT (ex-Raipur, GST extra) against last week’s assessment of INR 6,600/MT. Current prices are hovering at 3-month high.

As per the market participant, one of the pellet makers from Raipur concluded pellet deal at INR 6,800-6,900/MT today. Although the trade volumes reported were not significant as major buyer’s awaited clarity before making bookings.

Two major pellet makers in Raipur are not offering material presently owing to upcoming maintenance shutdown at one plant and export orders lined up.

P-DRI prices also increased significantly by INR 400-500/MT to INR18,800-18,900/MT (basic) compared to INR 18,400/MT a week ago.

Raigarh based pellet makers’ offer at INR 6,300-6,400 (ex-plant) with the deal reported at similar levels.

Durgapur pellet offers moved up sharply -: Eastern India pellet prices have increased significantly in Durgapur (Eastern India) by around INR 400-600/MT W-o-W. SteelMint’s reference pellet price assessment stands at INR 6,300-6,600/MT (delivered) against INR 5,900-6,000/MT last week. Prices have moved up amid supportive sentiments in the global market. Rashmi Metaliks is not offering pellets in the merchant market.

P-DRI prices have increased by INR 1,000/MT this week at Durgapur to INR 18,600/MT against last week assessment of INR 17,500/MT.

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

Southern India pellet offers increased marginally -: Southern India (Bellary) pellet offers for Fe 63% (+) grade increased slightly at INR 7,000-7,200/MT against last assessment at INR 7,000-7,100/MT.

Bellary P-DRI price increased to INR 18,600/MT against last week assessment at INR 18,400/MT.

Indian pellet trade updates-:

-- West India based pellet maker - Jindal SAW has kept offers unchanged this week at INR 8,450/MT delivered Kandla.

-- Jajpur based Brahmani River Pellets has hiked offers to INR 7,000/MT for Kalinganagar.

-- Southern India based Janki Corp. is offering Fe 63% grade pellets at INR 7,100/MT (ex-plant) in Bellary.