India: Godawari Power & Ispat Concludes 50,000 MT Pellet Export Deal to China
Central India based pellet maker - Godawari Power & Ispat has recently concluded pellet export deal to China, SteelMint learned. Deal for 50,000 MT iron ore pellets (Fe 64%, less than 2% Al) has been concluded at around USD 133-134/MT, CFR China (equivalent to USD 123-124/MT, FoB India). The cargo is likely to be shipped in Jul'19.
Company produced 19,33,250 MT pellets in FY'19, up 5% compared to last fiscal year . Company is continuing to focus on high-grade pellet manufacturing.
Another deal was reported by Jindal Steel & Power -an eastern India based pellet maker which had floated a tender to export deal for around 50,000 MT for regular grade pellets (Fe 64%, containing 3% alumina). According to the sources, the deal was concluded at around USD 130-131/MT, CFR China this week.
In another deal last week Brahmani River Pellets Ltd (BRPL) concluded export deal to China at around USD 131/MT, CFR China for Fe 64% and 3% Al.
SteelMint’s price assessment has increased for regular grade pellets (Fe 64% and 3% Al) to USD 130-131/MT, this week against last week’s assessment of USD 126-128/MT, CFR China.
Amid rising demand from Chinese mills and falling inventory at ports, steel mills have raised bids for Indian pellet this week. Chinese mills looking to reduce raw material cost as the lump prices are high compared to seaborne pellet led them to shift in pellets to maintain low-alumina feedstock.
Spot iron ore prices increase amid supply concerns for Fe 62% fines to USD 114.25/MT, CFR China on 19th Jun’19 against USD 107/MT, CFR, China a week before.
Spot pellet premium for Fe 65% grade pellets assessed at USD 23.95/DMT, CFR China this week.
According to data maintained with SteelMint, Indian pellet export volumes for May'19 have been recorded at 1.19 MnT, up 34% on monthly basis as against 0.88 MnT a month ago.
source: SteelMint
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