Iron ore concentrate prices saw a downward trend this week amid marginal correction in pellets prices. SteelMint’s index for Fe 63% concentrate prices currently stands at around INR 2,950/tonne (t) exw, down INR 100/t as against the last assessment on 1 October, 2022. Some offers were even heard higher at around INR 3,200-3,300/t exw, but no deals were concluded so far at these rates.
Meanwhile, deals of around 35,000 t were heard at around INR 2,900-2,950/t this week, which was taken into consideration in the T1 trade of the index.
“Owing to the busy season, rail freights have seen a hike with no discounts available at the moment even for long distance,” informed a buyer.
Also, SteelMint’s bi-weekly domestic pellets (Fe 63%) index, PELLEX, stood at INR 8,300/t, down by INR 100/t compared to the last assessment on 1 October, 2022. Buyers have shown buying interest amid restocking during the festivity. However, they are eagerly waiting for NMDC’s price revision which may be released soon as per sources.
Outlook
Iron ore concentrate prices are likely to remain range-bound. Meanwhile, NMDC’s price announcement is also round the corner, which may influence prices.
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