Iron ore concentrates prices in Jabalpur remained supported this week. SteelMint’s index for Fe 63% concentrate prices currently stand at around INR 5,600/tonne (t) exw, stable w-o-w.
Meanwhile, a deal of around 15,500 t was heard this week by a central India-based pellet-maker which was taken into consideration in the T1 trade of the index.
Factors supporting prices
- Stable pellet prices: SteelMint’s bi-weekly domestic pellet (Fe 63%) index, PELLEX, stood at INR 10,850/t DAP Raipur on 9 May 2022, stable compared to the last assessment on 6 May. Raipur-based pellet maker Godawari Power and Ispat kept offers stable at INR 11,100/t exw ($144/t). Other pellet-makers in the region offered Fe 62/63% grade at INR 10,600-10,800/t ($137-140/t) exw.
- Iron ore fines prices inch down: SteelMint’s Odisha iron ore fines weekly index (Fe 62%) fell marginally by INR 50/t w-o-w to INR 5,650/t ex-mines. Weak market sentiments resulted in limited trade as buyers expected fines offers to correct further in the near term. Moreover, players are looking ahead at the OMC and OMDC auctions to be scheduled shortly which may give a better price clarity. However, a sharp price drop looks less likely, given the arrival of the monsoon next month.
Outlook
Iron ore concentrates prices are likely to continue the positive trend amid restocking ahead of the monsoon season.
Leave a Reply