Spot iron lump premium edged up further to USD 0.16/DMT, CFR China in Week 13 over strong steel prices. Thus weekly gain of 7%. was observed against its previous assessment of USD 0.15/DMT, CFR China.
Higher margins of steel producers in China has pushed up lump demand. Few steelmakers continue to hold bullish sentiments for the near term resulting in increased buying for lump.
Tangshan, the steel making hub in China observed strong demand for lump where the steel mills need to cut emission levels by 50% during the Tangshan International Horticultural Exposition later this year.
Pellet premium up by USD 0.5/DMT W-o-W
Pellet premium for Fe 65% BF grade pellets has moved up to USD 16.5/DMT, CFR China against its previous assessment of USD 16/DMT, CFR China.
As per reports, few end users have shifted to pellet usage looking at its cost effectiveness against lump.
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