Indian mill scale exports regained momentum following a rise in global iron ore fines prices last week. An export shipment of 25,000 t was heard from India’s Kandla port to Malaysia in the first week of April at $120-125/t FOB, sources confirmed.
India’s mill scale exports were recorded at 276,000 t in CY’21. Exports witnessed a sharp increase of 80% as against 153,000 t in CY’20. As per data maintained with SteelMint, mill scale exports hit a four-year high in CY’21. The Philippines was the largest importer of Indian mill scale with 148,500 t in CY’21 followed by Vietnam at 84,800 t. Other major importers were Indonesia and Malaysia at 26,000 t and 16,700 t respectively.
The Fe 62% fines benchmark index rose to $155/t CFR China, recovering by $30/t in the last three months. Prices have rebounded after the Chinese market opened following the Tomb Sweeping festival holidays and the easing of pandemic-related restrictions.
Domestic price scenario: Domestic mill scale prices are assessed at INR 8,100-8,200/t exw Raipur, an increase of INR 50/t w-o-w. Deals of around 3,000-3,500 t were heard concluded during the week at INR 8,100-8,200/t exw Raipur.
On the other hand, the current assessment for mill scale (Fe 70/68%) stands at INR 9,200-9,300/t DAP Kandla, down INR 650/t w-o-w. Limited deals of around 1,000 t were heard concluded at INR 9,200-9,300/t DAP Kandla.
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