PELLEX Remains Stable; Jindal SAW Hikes Offer by INR 400/MT
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PELLEX stable at INR 6,600/wmt (DAP Raipur) amid no deals. Limited inquiries from buyers end were heard, however, deals are under negotiations.
Raipur based pellet makers kept their offers stable at INR 6,700/MT( Ex-plant); normalizing for freight to Raipur at INR 6,850/MT (DAP Raipur).
Raigarh based pellet makers are offering pellets at INR 5,900-6,000/MT (Ex-plant).
Jindal SAW hikes pellet offers by INR 400/MT: Western India based pellet maker - Jindal SAW has hiked pellet offers by INR 400/MT to INR 8,500/MT (delivered Kandla) against INR 8,100/MT last week. Chinese spot iron ore fines (Fe 62%) index increased by USD 4/MT W-o-W to USD 90.1/MT, CFR China yesterday against USD 86/MT, CFR China a week before.
Bellary pellet offers continue uptrend amid supply tightness-: Bellary based pellet offer increased this week by INR 100-200/MT to INR 7,200-7400/MT against INR 7,100-7,300/MT (Ex-plant). Few pellet makers from Karnataka were not offering pellet due to maintenance shut down and material shortage.
As per the sources, few iron ore miners in Karnataka have finished EC limit in this fiscal year resulted in tight material availability and hike in bids in Karnataka e-auctions.
India Pellet Trade Log-:
-- Jamshedpur based pellet maker concluded around 27,000 MT pellets at INR 6,000-6,100/MT (Ex-plant) yesterday.
-- Bellary based major pellet makers booked around 15,000 MT pellets for Fe 63% grade at INR 7,100/MT (Ex-Bellary) in the last two days. Few Bellary based pellet makers were not offering pellets. As per the sources, some iron ore miners in Karnataka have finished EC limit in this fiscal year resulted in tight material availability.
-- Raigarh based pellet makers have concluded around 10,000 MT pellets recently at INR 6,000-6,100/MT(Ex-plant) in the local market.
SteelMint pellet reference prices as on 18th Feb'20
| City | Grade (Fe %) | Basic Prices in INR/MT |
| Durgapur | 63 | 6,200 |
| Barbil* | 63 | 6,100-6,200 |
| Jamshedpur | 63 | 6,000-6,200 |
| Bellary | 63 | 7,200-7,400 |
| Jajpur | 63 | 6,950 |
| Kandla** | 63 | 8,500 |
**delivered
* Loaded to wagon
Prices (GST extra) mentioned for min 1000 MT qty booking on advance payment basis
Source: SteelMint Research
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