Growing demand from Chinese steel mills has further pushed up Indian pellet export offers. This week export offers have augmented by USD 6-7/MT W-o-W.
SteelMint’s assesment for Indian pellet export this week is at USD 92-93/MT CFR China, which is equivalent to USD 84-85/MT, FoB basis.
However buyers expectation remains lower by USD 1-2/MT than current offers.
An east India based pellet exporter highlighted “Inquiries for Indian pellets from Chinese steel makers have increased sharply in last 2-3 days over reduction in port stocks”.
Also, spot iron ore prices in China has increased by USD 5/MT in last two days. Yesterday Fe 62% fines index closed at USD 62/MT, CFR China. Iron ore prices in China picked up not only in physical market but also in paper market.
Pellet premium moved down this week by USD 2/MT W-o-W to USD 28/DMT CFR China for Fe 65% grade pellets.
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