Chinese Mills Raise Bids for Indian Pellets; Deals Reported
SteelMint in conversation Indian pellet makers and other market participants analyzed that bids for Indian pellets have witnessed increment this week. Following surge in global iron ore fines price, pellet export prices has also strengthened this week.
An Odisha based pellet maker is learned to have concluded 50,000 MT export deal to China recently. The pellet deal concluded is for Fe 64%, 3% Al grade and the deal has been concluded at around USD 115-116/MT, FoB basis which is equivalent to USD 125-126/MT, CFR China.
"Bids for Indian origin pellets have turned better this week. Few indications for pellets (Fe 64%, 3% Al) were also heard at USD 128/MT, CFR China levels", quoted a pellet trader.
SteelMint's assessment for Indian pellet (Fe 64%, 3% Al) export stands at USD 125-128/MT, CFR China this week, against last week's assessment of USD 123-124/MT, CFR China. Thus on weekly premises, assessment has moved up by USD 3-4/MT.
Spot iron ore fines index surged on falling port stocks. Fe 62% fines at USD 105.9/MT yesterday. Sources also mentioned that some big Australian miners have indicated a delay in shipments to their long term customers.
Imported iron ore stocks at Chinese major ports fell 124.9 MnT in end May'19. The levels are lowest since Feb'17, according to data tracked by SteelHome.
source: SteelMint
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