Indian Pellet Export Prices Move Up in Recent KIOCL Tender
Amid increase in spot iron ore fines index and good demand, Indian pellet export prices have moved up against last week.
Southern India based pellet maker - KIOCL has concluded pellet export deal today via tender . The company had floated export tender offering 50,000 MT pellet consisting of Fe 64% content with less than 2% Al and the tender was due today afternoon. As per the sources, the company has concluded the tender at around USD 127-129/MT, FoB India basis A month back the company had concluded pellet export tender at USD 119/MT, FoB.
SteelMint’s assessment for Indian pellet export for standard grade (3% Al) stands at USD 135/MT, CFR China, up by USD 2-3/MT against last week.
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.
Chinese spot iron ore prices increased to USD 121.3/MT, CFR China, as on 1st July'19. The prices picked up as against USD 117.95/MT, CFR China towards last weekend. Prices moved up amid supply concerns.
source: SteelMint
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