Indian Pellet Export Tender Receive Mild Response as Iron Ore Prices Correct - Sources

India's largest pellet exporter - Jindal Steel & Power (JSPL) has offered 50,000 WMT pellets for export via online auction today. As per sources, the company received limited participation as Chinese steel futures and iron ore prices fall this morning. But pellet prices remain intact and Indian manufacturers continue to book pellet orders.

According to the market sources JSPL tender heard to have received bids at USD 118.75-119/MT CFR China. The base price set for the auction was USD 118.5/MT.

Another east India based pellet maker was heard to have sold pellets at around USD 118.5-119/MT, CFR China.

Iron ore fines index dropped to USD 60/MT, CFR mark today amid bearish sentiments and fall in futures in Chinese market. Trades remained low both at ports and seaborne market resulting in fall in prices.

Last week also Jindal Steel & Power concluded pellet export deal for about 50,000 MT pellets at around USD 118.5/MT, CFR China.