Essar Steel, exporter of Iron Pellet based in the East Coast of India has shipped 20,600 MT (Fe 63 & DR grade) Iron Pellet from Paradip port today, to a buyer based in Saudi Arabia.

on 20 Jan 2014, the deal was finalized  at a very high price i.e. USD 168/MT FoB as Essar helped the UK based trader for completing a shipment and fulfilling their commitment. The deal is not a full contract as the trader was short of material.

Initially, the deal had been concluded at USD 143/MT FoB with the Tatanagar based Adhunik Metaliks in Dec 2013. Only 7,500 MT Pellets was shipped by the exporter in first week of January from Haldia port where Jeddah (Saudi Arabia) was the unloading Port.

Sources said that Saudi Arabian buyers preferred to take Indian Pellets because of expensive material available in international market.

Ardent Steel shipped 50,000 MT Pellets from Paradip port on 21 Jan, 2014, vessel name Dubai Galactic.