India: Jindal SAW Increased Pellet Offer Amid Hike in Global Prices

West India (Rajasthan) based pellet maker - Jindal SAW increased pellet (Fe 63%) offers by INR 250/MT for the week. Current offers are at INR 8,050/MT (delivered Kandla) as against INR 7,800/MT in last week. The company received decent bookings at last offers of INR 7,800/MT. Jindal SAW runs a 1.5 MnT pellet plant in Bhilwara (Rajasthan).

Spot global iron ore fines index up: The global iron ore fines prices (Fe 62%) increased to USD 93/MT, CFR China yesterday (30th Sept) as against USD 90/MT, CFR China a week before. The prices increased by around USD 3/MT CFR China.

Durgapur pellet offers stable: In Durgapur SteelMint's reference, pellet price stable at INR 5,400-5,500/MT (ex-Durgapur, GST extra), in with the last week offer. One of the major pellet maker from Kharagpur not offering pellet in the domestic market.

P-DRI prices in Durgapur down by INR 700/MT W-o-W to INR 15,700/MT against INR 16,400/MT (Ex-plant) last week.

Raipur based pellet offers firm; small deals concluded: Raipur (Central India) pellet makers have kept offers firm this week. Current offers for Fe 63% grade pellet is at INR 6,000/MT (ex-Raipur, GST extra) in line with last week offer.

As per the sources no.of small deals (less than 2,000 MT) were reported in this publishing window from Raipur at INR 5,900-6,000/MT.

P-DRI prices in Raipur moved down by INR 200/MT on weekly basis to INR 16,000/MT as against last week assessment at INR 16,200/MT (ex-Raipur).

Southern India pellet offers down marginally: Southern India (Bellary) based pellet makers to INR 6,400-6,500/MT against INR 6,500-6,600/MT (ex-Bellary) last week offer. Two major pellet makers from Bellary continue to be on maintenance shut down.

NMDC Donimalai sold around 42,500 MT pellets from its plant in the month of Sept'19 at around INR 6,000-6,200/MT FoT basis

P-DRI prices in Bellary decreased by INR 200/MT W-o-W to INR 16,100/MT as against INR 16,350/MT last week.

Indian pellet trade updates:
-- Jajpur based pellet maker-BRPL is offering pellets to Kalinganagar based units at INR 6,275/MT.
-- Jamshedpur offers for pellet witnessed at INR 5,200-5,300/MT (Ex-plant).
-- Monnet Ispat Ltd (Raigarh) is offering pellets at INR 5,700-5,800/MT (Ex-plant). A Raigarh based pellet maker concluded 5,000 MT deal in the the local market at INR 5,700/MT (Ex-plant) yesterday.

SteelMint pellet reference prices as on 01st Oct'19

**delivered
Prices (GST extra) mentioned for min 1000 MT qty booking on advance payment basis
Source: SteelMint Research