Upcoming Lunar New Year holidays spanning from 24th-30thJan’20 have boosted up restocking activities amongst Chinese mills.
Also, with the onset of cyclone –‘Claudia’ in Australia, there have been anticipations going on regarding iron ore/pellet supply disruptions in the near term. All these factors have collectively resulted in making market sentiments positive for Indian pellet exporters.
SteelMint’s assessment for Fe 64%, 3% Al pellets, has moved up by USD 2/MT W-o-W to USD 117-119/MT, CFR China this week. SteelMint learned from its trade sources that an Odisha based pellet maker concluded an export shipment for standard grade (Fe 64%, 3% Al) pellets at USD 117/MT, CFR China.
Trade sources expect Indian pellet export prices to increase to USD 119/MT, CFR levels this week.
However, this week its expected that prices would increase, considering hike in spot iron ore fines index yesterday. Fe 62% fines price increased by USD 1.25/MT against last week’s closing to USD 94.5/MT, CFR China.
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