India: JSPL Concludes 50,000 MT Pellet Export Deal to China
According to market sources reported to SteelMint, an east India based pellet maker-JSPL has concluded pellet export deal to China for 50,000 MT pellet (Fe 64%, and 3% Al). As per sources, the deal has been concluded at around USD 134-135/MT, CFR China for July shipment. As per sources, the deal was concluded towards end of last week.
Prior to this, the pellet maker concluded a tender to export pellet for around 50,000 MT for regular grade pellets (Fe 64%, containing 3% alumina) towards the beginning of last week. According to the sources, the deal was concluded at around USD 130-131/MT, CFR China.
Amid rising demand from Chinese mills and falling inventory at ports, steel mills had raised bids for Indian pellet. 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.
Outlook: As per market sources report to SteelMint, iron ore/pellet buying sentiments in China are not that strong. Spot iron ore fines prices have started depicting downfall amid easing supply from Vale on resumption of its Brucutu mines. Also amid announced steel production cuts in Tangshan, iron ore miners are offloading cargoes anticipating further decline. Besides, spot iron ore prices on 25th June fell to USD 113.75/MT, CFR China, as against hovering at five years high levels in recent weeks. Dalian iron ore futures dropped to 789 yuan/MT as against record high levels of 837 yuan/MT witnessed on 20th June.
source: SteelMint
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