Indian Exporters cut Mill Scale Offers on Weak buying

Indian Mill Scale exporters cut offers to USD 123-124/MT CFR China; buyers remain missing.

With spot Iron ore fines prices consistently falling in Chinese market, Indian exporters have to cut down their offers for Mill Scale as well. Speaking to Indian exporters, SteelMint assessed that bulk offers are pertaining in the range of around USD 123-124/MT; however buying interest is expected at around USD 120-121/MT CFR.

Exporters also mentioned that the current buying level from domestic market is at INR 5,700-5,800/MT delivered Vizag port and INR 5,500-5,600/MT delivered Kandla port. But, not many deals have been concluded at these prices.

Mill scale is a by-product generated during re-rolling process and used by Pellet and blast furnaces because of high iron content. Indian Mill Scale exports have increased recently as there is no export duty or differential freight charge on it, unlike Iron ore.

Trade Wise

Indian mill scale offers at around USD 123-124/MT, CFR China (Bulk).
Indian exporters seek 70/68% Fe Mill Scale at INR 5,750/MT delivered Vizag port.