Western India based pellet maker – Jindal SAW has announced force majeure following state govt order of lockdown. Rajasthan govt has ordered to stop production & dispatches owing to lockdown, SteelMint learnt from its sources. Amid the deadly coronavirus (COVID 19) which has erupted worldwide and declared global pandemic by WHO.
Last week, the miner had suspended production at its Bhilwara plant, Rajasthan. The company had resumed pellet offers in Feb’20 after undergoing maintenance shutdown for the past one month.
The last pellet offers assessed at INR 8,500/MT delivered kandla. Jindal SAW runs a 1.5 MnT pellet plant in Bhilwara (Rajasthan).
Gujarat based steel mills who are majorly dependent of Jindal SAW pellets, have also curtailed production amid lockdown.
Spot iron ore prices picked up
Chinese spot iron ore prices increased sharply yesterday (25th Mar’20) to USD 87.05/MT CFR China. The prices have increased by USD 3/MT D-o-D against 24th Mar’20 and by USD 7 in the last two days.
SteelMint analyzed that the market has recovered in the last two days after spot price down sharply on Monday (23rd Mar) by USD 6.35/MT.
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