Iron ore concentrate prices in Jabalpur, central India, inched up by INR 200/t this week. Suppliers lifted offers amid pending deliveries of previous orders and hike in NMDC iron ore fines prices seen a week back. Notably, NMDC raised prices of fines by INR 200/t from its Chhattisgarh mines, effective from 21 March, 2023.
SteelMint’s index for Fe63% concentrate stood at INR 5,600/tonne (t) exw as against last week’s assessment on 22 March.
Rationale:
- One deal was heard for 16,000 t concluded at INR 5,600/t exw. It was taken into consideration as T1 trade for index calculation and given 50% weightage.
- Five (5) firm offers and indicative prices were reported. All of them were taken into consideration in T2 and accorded the balance 50% weightage.
However, not many deals of concentrate were heard this week due to fall in pellet prices. SteelMint’s bi-weekly domestic pellet (Fe 63%) index, PELLEX, decreased by INR 100/t to INR 9,700/tonne (t) DAP Raipur today compared to the previous assessment on 24 March, 2023. One deal of 10,000 t was heard at INR 9,650/t in this publishing window. Other than that market participants were silent as the current financial year is nearing its end.
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