PELLEX Up by INR 100/MT

PELLEX moved up by INR 100/MT to INR 5,950/WMT (DAP Raipur) in a recent deal following hike in pellet offers. As per the market participants, a major Raipur based pellet maker sold around 10,000 MT pellets in the local Raipur market at INR 5,950-6,050/MT (DAP Raipur).

Last week Raipur pellet makers had sold around 80,000- 100,000 MT pellets in the local market Raipur market at INR 5,600-5,850/MT (DAP Raipur). Exorbitant domestic pellet sales and aggressive pellet export orders stimulated the Raipur pellet manufacturers to hike offers in the domestic market.

Pellets offer from Raipur and nearby location-:

-- Raipur based pellet offers increased by INR 200/MT to INR 5,900/MT( Ex-plant); normalizing for freight to Raipur at INR 6,050/MT (DAP Raipur).

-- Raigarh based pellet maker offers stable at INR 5,400-5,500 /MT(Ex-plant) this week. One of the major pellet makers continues to not offering pellets owing to a lack of material availability.

-- Jharsuguda based pellet maker kept the offers stable at INR 5,200/MT (Ex-plant).

Deals from other regions-:

-- Bellary based pellet makers have sold around 25,000 MT pellets in the local market at around INR 6,100-6,400/MT (Ex-plant) in the last three-four days.

-- Jharsuguda based pellet maker also sold around one rake of pellet to Raigarh at INR 5,200/MT (Ex-plant).

-- Rourkela (Odisha) based pellet maker sold around 3,000 MT pellets in Raigarh at INR 5,000/MT (Ex-plant) a few days back.

-- Jamshedpur based pellet makers sold around 5,000 MT pellets at INR 5,100 -5,200/MT (Ex-plant) in a recent deal.

No pellet export deal heard in this publishing window. However, SteelMint pellet export assessment for Fe 64% grade pellets with 3% Al at USD 107-108/MT, CFR China. Indian pellet export prices hit a 2-month high last week.