Declining Chinese Pellet Port Stocks to Keep Indian Pellet Export Prices Supported
Indian pellet export prices have found support on declining Chinese port stocks. SteelMint’s pellet export assessment stands at USD 104-106/MT, CFR China for standard grade pellets with 3% Al, Fe 64%. Pellet export assessement has increased marginally against last assessment at USD 103/MT, CFR China.
The rise in prices is attributed to falling port inventories. As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports dropped to 130.35 MnT as against 131.75 MnT assessed towards the end of last week. Pellet inventories were reported at 6.9 MnT this week against 7.25 MnT towards last weekend.
Spot pellet premium up by around USD 3/MT: Spot pellet premium for Fe 65% grade pellets picked to USD 27.05 as against USD 24.15/MT, CFR China assessed last week. The approaching winter production curbs are expected to push up the pellet demand.
Towards the beginning of the week, an Odisha based pellet maker had concluded pellet export deal for Fe 64% grade and, 3% Al at China at USD 103/MT, CFR China.
Chinese spot iron ore fines price up 8% during the week: Chinese spot iron ore prices opened up this week at USD 78.45/MT,CFR China and increased to USD 84.75/MT, CFR China towards weekend.
source: SteelMint
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