Indian Pellet Export Market Turns Silent On Falling Global Iron Ore Prices
Indian pellet export market remained less active so far this week. SteelMint in conversation with market participants learned that Chinese traders are adopting ‘wait & watch’ approach before making any new bookings.
SteelMint’s assessment of Indian pellet export offers for standard grade pellet (3% Al) is assessed at around USD 118-119/MT, FoB India (equivalent to USD 132-133/MT CFR China). The prices witnessed a fall as compared to USD 121-122/MT, FoB last weekend. The exports market has depicting a downtrend this week amid falling spot iron ore prices.
However, last week two deals were concluded by central & east India based pellet manufacturers for 50,000- 55,000 MT (having Al of 3%) at a price of USD 134-136/MT CFR China (equivalent to USD 121-122/MT FOB India), as per sources. Also, KIOCL concluded a deal for similar quantity, at USD 124-125/MT, FoB India.
Spot iron ore prices fell amid easing supply concerns
Amid easing concern by largest miner, the sport iron ore prices witnessed at USD 115/MT, CFR China (as on 24th July’19) as against USD 122/MT, CFR China witnessed towards last weekend.
The world’s largest iron ore miner Vale on 23rd July’19 received approval from National Mining Agency (ANM) for partial resumption of dry processing at Vargem Grande Complex. The resumption at the complex is expected to add 5 MnT of production in 2019.
The miner has resumed operations at its Brucutu mines in June’19, recovering 30 MnT of production capacity. However, regarding the 60 MnT currently curbed, the miner expects 30 MnT of dry processing production to resume towards end of CY19 and the remaining 30 MnT, which includes wet processing, is estimated to return in about two to three years.
source: SteelMint
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