India: Domestic Pellet Trades Weaken Ahead Festive Holidays

Indian pellet offers have decreased further this week amid decline in sponge prices, lowered pellet buying interest at current offers.

Raipur pellet offers under pressure amid competitive offers from Raigarh

Central India (Raipur) based pellet makers reduced offers last week by INR 400/MT (Ex-Raipur) to INR 6,300/MT. However, no significant deals were heard to have concluded at this price amidst competitive offers from Raigarh based plants at INR 5,500/MT (ex-plant).

Raigarh pellet offers landed to Raipur will come around INR 6,200/MT, which are learned to remain on lower side. This is expected to put Raipur pellet offers under pressure. As per SteelMint sources, a Raigarh based pellet plant recently concluded 20,000-30,000 MT pellet deal in domestic market at INR 5,500/MT (ex-plant, Raigarh).

P-DRI prices for Raipur decline by INR 500/MT to INR 18,300/MT against last week’s assessment at INR 18,800/MT.

Durgapur pellet prices down sharply W-o-W

SteelMint’s current pellet assessment for Durgapur is around INR 5600-5800/MT as compared to INR 6,000-6,200/MT last week. P-DRI prices for Durgapur witnessed at INR 18,000/MT this week.

Southern India pellet offers decline

Southern India (Bellary) pellet offers for Fe 63% grade decline to INR 6,900-7,000/MT, down against INR 7,000-7,200/MT (basic) assessment made towards beginning last week. P-DRI price decreased sharply by INR 600/MT to INR 18,400/MT against last week assessment at INR 18,700/MT.

Indian pellet trade updates:

–West India based pellet maker – Jindal SAW has kept offers firm at INR 8,850/MT delivered Kandla.

–Jajpur based Brahmani River Pellets is offering pellets at INR 7,100/MT to Kalinganagar based units.

— Bellary based pellet maker Janki Corp Ltd. is offering pellet at around INR 7,000/MT (basic).

 Indian Pellet Reference prices as on 19th Mar’19

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