India: Domestic Pellet Offers Stable Amid Less Trades

Domestic pellet offers in Indian market continued to remain stable at the beginning of week 36, 2019.

Raipur based pellet offers stable; buyers lower bids: Raipur (central India) pellet makers have kept offers firm this week. Current offers for Fe 63% grade pellet is at INR 6,000/MT (ex-Raipur, GST extra) in line with the offers towards the end of last week. No pellet transactions were reported. Buying interest is lower than the current offers.

P-DRI prices in Raipur witnessed a decline on weekly basis by INR 400/MT to INR 15,900/MT as against last week assessment at INR 16,300/MT (ex-Raipur).

Durgapur pellet offers firm: In Durgapur SteelMint’s reference, pellet price witnessed at INR 5,200-5,300/MT (ex-Durgapur, GST extra), stable on weekly basis. P-DRI prices also firm at 16,900/MT this week in line with the last week assessment.

No firm offers were heard from Barbil & Jharsuguda.

Southern India pellet offers unmoved: Southern India (Bellary) based pellet makers continue to depicted stability in prices at INR 6,200-6,300/MT ex-Bellary. Trades remained on the lower side in Bellary region with few pellet makers not actively offering in the market.

P-DRI prices in Bellary depicted stable at INR 16,300/MT this week.

Indian pellet trade updates:

-- Jajpur based pellet maker, BRPL is offering pellets to Kalinganagar based units at INR 6,900/MT.

-- Jamshedpur offers for pellet witnessed at INR 5,000-5,200/MT (Ex-plant).

-- West India (Rajasthan) based pellet maker - Jindal SAW kept pellet (Fe 63%) offers unchanged for the week. Current offers are at INR 7,500/MT (delivered Kandla).

-- A major pellet maker from Raigarh also not offering in the domestic market amid falling prices.

SteelMint pellet reference prices as on 03rd Sept'19