India: Domestic Pellet Offers Down Further Amid Weak Market Fundamentals

Indian pellet offers have decreased further this week further by INR 200-550/MT amid sharp decline in sponge prices, lowered pellet buying interest from China and dull buying interest at current offers.

SteelMint’s current pellet assessment for Durgapur is around INR 6,300-6,500/MT this week against the end of last week’s assessment at INR 6,700/MT. P-DRI prices have also decreased sharply by INR 900/MT to INR 18,400/MT against last week at INR 19,300/MT.
No active offers from Barbil based pellet makers reported this week also.

Central India Pellet makers holding offers amid almost no trade-: Raipur (Central India) based pellet makers have stable offers to INR 7,600/MT (Ex-Raipur) against the last week’s. No deal reported at this level. P-DRI prices are also decreased further sharply by INR 500/MT to INR 19,800/MT against INR 20,300/MT. Major pellet buyers are not interested to buy at this level and are expecting drop in offers soon by around INR 500-700/MT.

Southern India Pellet offers decline marginally amid the decline in sponge prices –

Southern India (Bellary) pellet prices have offers decline marginally to INR 7,200-7,400/MT (basic) this week as against the last week’s assessment at INR 7,300-7,400/MT. P-DRI price decline to INR 19,600/MT against last week assessment INR 20,400/MT.

Indian Pellet Reference prices as on 26th Feb’19

**delivered
Prices (GST extra) mentioned for min 1000 MT qty booking on advance payment basis
Source: SteelMint Research