Looking forward to the Supreme Court’s interim directive on Iron ore mining ban in India’s largest Iron ore mining state Odisha, for mines running under second deemed renewal, pushed Pellet manufacturers in eastern region to hold offers for now.
In Barbil, offers are prevailing in the range of INR 6,600-6,700/MT (loaded into wagons) but hardly any manufacturer is offering Pellets in the eastern part of India. They have preferred to wait for the Apex Court’s verdict, which will decide price trend for Pellets, in short to medium term.
BRPL shipped 53,000 MT Pellets from Paradip Port
Brahmani River Pellets (BRPL), a wholly owned subsidiary of UK based steel trader Stemcor, shipped a vessel named Genco Bourgogne on 07 Apr, 2014, which is carrying 53,000 MT Pellets, expectedly to China. According to sources, the deal was concluded a couple of months earlier and shipment had been delayed.
Existing Pellet prices in Chinese market have plunged drastically in last few trading sessions. Market participants say prices should be in the range of USD 136-140/MT CFR China for 63.5 Pellets but aren’t positive whether trading activity will take place at the existing price levels.
Pellet Offtake in Central India get Better
Deficit in Pellet supply from Odisha has resulted in pick up in sale of Pellets from Raipur (Chhattisgarh). Manufacturers last sold the material at INR 7,900-8,100/MT (ex works).
South India Pellet Prices stay Constant
Karnataka based Pellet manufacturers maintain offers on decent buying quantity. Fe 62.5 Pellets is quoted at INR 8,000/MT and Fe 62 at INR 7,850/MT. Lower grade material i.e. Fe 61 is being offered at INR 7,400/MT and Fe 60 in the range of INR 7,000-7,100/MT.
Note: All prices are Ex–Works.
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