India: Domestic Pellet Market Gains Momentum with Recent Trades
Western India (Rajasthan) based pellet maker -Jindal SAW increased pellet (Fe 63%) offers by INR 200/MT for the week. Current offers are at INR 8,000/MT (delivered Kandla) as against INR 7,800/MT towards the beginning of last week. The pellet maker is learned to have concluded deals at last offers of INR 7,800/MT following which it raised its offers. Jindal SAW runs a 1.5 MnT pellet plant in Bhilwara (Rajasthan).
Spot iron ore fines index up W-o-W: The global iron ore fines prices (Fe 62%) has increased to USD 91.95/MT, CFR China yesterday (09th Sept) as against USD 88.1/MT, CFR China a week back. As per market participants, South African Saldanha port will undergo maintenance shut towards Oct’19 and hence, booking for South African lumps are expected for Nov’19 deliveries post resumption at Saldanha port
Durgapur pellet offers increase amid hike in sponge prices: In Durgapur SteelMint’s reference, pellet price increased by INR 300-400/MT to INR 5,500-5,700/MT (ex-Durgapur, GST extra), against INR 5,200-5,300/MT beginning of last week.
P-DRI prices in Durgapur increased sharply by INR 800/MT to 17,600/MT against last week assessment at INR 16,800/MT (Ex-plant).
Southern India pellet offers move up: Southern India (Bellary) based pellet makers increased pellet prices by INR 200-300/MT to INR 6,400-6,500/MT (ex-Bellary) against last offer at INR 6,200-6,300/MT. One of the major pellet makers has extended its maintenance shut down till 20th Sept and another prominent pellet maker from Bellary on the verge of taking maintenance shut down for 15-20 days.
P-DRI prices in Bellary increased by INR 300/MT W-o-W to INR 16,600/MT as against INR 16,300/MT last week.
Raipur based pellet offers stable; decent transactions reported: 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 last week offers.
Two different transactions for total quantity around 15,000 MT reported in this publishing window by major Raipur Pellet makers at INR 6,000/MT (Ex-plant) to Raipur. Another deal for 10,000 MT pellet to Chandrapur was reported at INR 5850/MT (Ex-plant), Raipur
P-DRI prices in Raipur witnessed a hike of INR 550/MT on weekly basis to INR 16,400/MT as against last week assessment at INR 15,850/MT (ex-Raipur).
Indian pellet trade updates:
-- Jajpur based pellet maker, BRPL is offering pellets to Kalinganagar based units at INR 6,850/MT.
-- Jamshedpur offers for pellet witnessed at INR 5,400-5,500/MT (Ex-plant).
-- Monnet Ispat Ltd (Raigarh) is offering pellets at INR 5800/MT (Ex-plant) and concluded a deal for 10,000 MT yesterday at the same rate. They have also concluded 1,000-1,500 MT P-DRI at INR 16,000/MT (Ex-plant).
-- A Kalingnagar based steel unit is learned to have booked 200,000 MT pellets for Sept from Odisha based plants. Indicative pellet prices for Barbil region is learned around INR 5,900/MT loaded to wagons.
source: SteelMint
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