East India based pellet maker-Brahmani River Pellets concluded two pellet export deals to China last week. Each vessel carries a quantity of around 61,000 MT pellets of grade Fe 64% & 2.75% alumina. As per sources, the deal has been concluded at USD 120/MT, CFR China.
Loading of one of the vessels is taking place at the port while another one will load material next week.
The company concluded a pellet export deal for 59,500 MT to China at USD 126/MT, CFR previous week.
Imported pellet buying interest of Chinese mills was learned to remain weak amid increased supply of Chinese domestic pellets, resulting in less pellet export trades from India.
Spot pellet premium fell sharply by USD 8/DMT W-o-W amid falling steel margins-
Spot pellet premium for Fe 65% grade pellets assessed at USD 55.8/DMT, CFR China last week, down by USD 8/DMT W-o-W against USD 63.85.35/DMT a week before. High-grade raw materials are trading at a high rate therefore, mills prioritized lowering production costs by preferring low-grade iron ore fine.
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