India: Jindal SAW Cuts Pellet Offer by INR 500/MT Amid Fall in Global Prices

West India (Rajasthan) based pellet maker - Jindal SAW lowered pellet (Fe 63%) offers for the week. Current offers are at INR 7,800/MT (delivered Kandla) as against INR 8,300/MT towards the closing of last week. Jindal SAW runs a 1.5 MnT pellet plant in Bhilwara (Rajasthan).

Spot iron ore fines index fell sharply by USD 22/MT yesterday to USD 99.15/MT, CFR China against last week’s assessment for Fe 62% fines index at USD 121/MT, CFR China amid slow buying interest in China, an announcement of new tariffs by the US, etc. Imported lumps inquiries in India continued to remain slow.

Raipur pellet offers down by INR 300/MT - Raipur (central India) based pellet manufacturers have decreased their offers yesterday by INR 300/MT. Current offers for Fe 63% grade to INR 6,500/MT (ex-Raipur, GST extra) as against last assessment at INR 6,800/MT.

P-DRI prices in Raipur witnessed declined by INR 150/MT to INR 15,850/MT (basic) compared to INR 16,100/MT (Ex-Raipur) last week.

Durgapur pellet offers down amid weakening sponge prices -: Falling P-DRI prices sharply resulted fall in pellet offers. In Durgapur SteelMint’s reference, pellet price assessment stands at INR 5,900-6,000 (delivered) down against the last assessment at INR 6,000/MT.

P-DRI prices have also decreased sharply W-o-W by INR 1,200-1,300/MT to Durgapur to INR 15,100-15,300/MT against last week assessment of INR 16,400/MT.

Southern India pellet offers down marginally -: Southern India (Bellary) based pellet makers have witnessed at INR 6,100-6,300/MT against last week assessment at INR 6,200-6,400/MT. P-DRI prices in Bellary is at INR 15,800-16,000/MT (ex-Bellary) stable against last week.

Indian pellet trade updates-:

-- Jamshedpur offers for pellet comes down to INR 5,400-5,600/MT (Ex-plant).

--Jajpur based Brahmani River Pellets is offering pellets at INR 7,300/MT for Kalinganagar based units. A couple of week’s back offer was INR 7,450/MT.