Iron ore concentrate prices in Jabalpur, central India, witnessed a marginal decrease this week due to a drop in pellet prices.
SteelMint’s index for Fe 63% concentrate prices currently stands at around INR 3,050/tonnes (t) exw, a fall of INR 50/t as against the last assessment on 13 August.
Meanwhile, a deal of around 20,000 t was heard at around INR 3,000/t this week, which was taken into consideration in the T1 trade of the index.
Some offers were also heard higher at INR 3,200/t exw. However, no trading activities have been reported at higher offers.
A marginal drop in pellet prices has lowered bids for concentrate procurement as well. SteelMint’s bi-weekly domestic pellet (Fe 63%) index, PELLEX, stood at INR 9,000/tonne (t) DAP Raipur on 16 August, 2022, down by around INR 200/t compared to the last assessment on 12 August. Buyers are looking to procure pellets from outside Raipur (West Bengal) as the offers are lower compared to the local prices here. Jharsuguda-based pellet makers are now offering at INR 8,200/t FOR Raipur. Similarly, Kharagpur-based pellet makers are now offering at INR 6,600-6,800/t exw.
Outlook
Iron ore concentrate prices are less likely to remain range-bound due to the monsoon and hike in iron ore prices.
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