India: Limited Trades Put Domestic Pellet Offers Under Pressure

Central India pellet makers lower offer by INR 200/MT-: Pellet offers for this week declined by INR 200/MT to INR 7,000/MT against last week offers at INR 7,200/MT. Raipur pellet market remains standstill with no trades being reported.

P-DRI price increased declined by INR 300-600/MT to INR18,100-18,300/MT (basic) compared to INR 18,600/MT a week ago.

Durgapur pellet offers inch down-: In Durgapur (eastern India) reference pellet price assessment stands at INR 7,000-7,100/MT (delivered) stable slightly down by INR 50-100/MT against last week.

P-DRI prices have increased W-o-W at Durgapur to INR 18,400-18,600/MT against last week assessment of INR 18,200-18,400/MT.

Jindal SAW lowered offers - West India (Rajasthan) based pellet maker - Jindal SAW has decreased pellet prices by INR 200/MT. Current offers for Fe 63% grade pellets have moved up to INR 8,900/MT (delivered Kandla) against the previous offer of INR 9,100/MT at last week. Jindal SAW runs a 1.5 MnT pellet plant in Bhilwara (Rajasthan).

Spot iron ore prices decreased amid weak steel prices. Fe 62% fines price decreased to USD 98/MT, CFR China yesterday against USD 108/MT, CFR, China last week.

Southern India pellets offer decreased marginally-: Southern India (Bellary) based pellet makers have decreased pellet offers marginally to 7,100-7,200/MT against last week assessment at INR 7100-7,300/MT. P-DRI price also decreased by INR 200/MT to INR18,600/MT this week against INR18,800/MT last week.

Indian pellet trade updates-:

-- Jajpur based Brahmani River Pellets has kept the offers firm at INR 7,000/MT to Kalinganagar based units.

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

--Shyam Metaliks (Jharsuguda) concludes 3,000 MT pellet to Raigarh based plant at INR 6,800/MT (FoR Raigarh).