SteelMint’s bi-weekly domestic pellet (Fe 63%) index, PELLEX, fell by INR 1,100/t, or 8%, to INR 13,300/t DAP Raipur on 20 Aug’21. The index fell to a five-month low, with similar price levels last seen in end-March. The index plummeted on account of falling pellet export deals to China. SteelMint’s pellet export index (Fe 64%, 3% Al, FoB east coast) declined $8/t, w-o-w, on 19 Aug to an eight-month low and is currently standing at $148/t. The pellet export market has turned bearish as the Chinese government is expected to announce further steel production curbs in H2 CY’21.
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