India pellet export has increased further by USD 1-2/MT and hit a five-month high. Current assessment of pellet exports stands at USD 120-122/MT against the last offer at USD 119-120/MT CFR China. As this pellet export figure was last seen in the mid of Aug’19. In a week Pellet export offers increased by USD 5-6/MT.
Major reasons behind an increase in offers are limited pellet export offers to China, stable demand and restocking ahead Lunar New Year holidays.
One of the significant pellet makers from West Bengal claimed that they have concluded pellet export deal this week for 55,000 MT (Fe 64%, less than 3% Al) at USD 123/MT CFR China last week.
Another eastern India pellet maker- has concluded pellet export deal last week for prompt shipment for 58,050 MT (Fe 64%, 2.5% Al) at USD 120 CFR China, vessel expected to berth next week.
Spot pellet premium increased W-o-W -: Spot pellet premium for Fe 65% grade pellets assessed at USD 29.9/MT, CFR China this week as against USD 27.45/MT, CFR China a week before.
As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports decreased to 127.35 MnT as against 127.9 MnT assessed towards the end of last week. Pellet inventory witnessed down W-o-W to 4.3 MnT against 4.6 MnT a week ago.
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