SteelMint: PELLEX edges down by INR 100/t in recent trade

SteelMint's bi-weekly domestic pellets (Fe 63%) index, PELLEX, stood at INR 10,150/tonne (t) DAP Raipur, edged down by INR 100/t compared to the last assessment on 31 January, 2023. Around 6,000 t of deals were reported in this publishing window.

Rationale:

• PELLEX has been derived using data points, i.e. trades, offers and bids. To download the detailed methodology, Click here.
  
  
• One deal was reported and was considered in this publishing window and accorded 50% weightage for T1 trade.
  
  
• Eight (8) firm offers, bids and indicative prices were reported. Seven (7) were taken for price calculation and given the balance 50% weightage.
  
  
• SteelMint received one bid at INR 10,100/t DAP Raipur which was considered for index calculation in this publishing window.
  
  

Raipur-based pellets producers floated offers at INR 10,100-10,200/t ($123-$125/t) exw. Godawari Power and Ispat offered pellets (Fe 6.5%, +/-0.5) at INR 10,500/t exw ($128/t) as against INR 10,100/t exw ($123/t) previously.

As per market sources, there is limited demand for finished steel which led buyers showing very little interest on any bulk buying.

SteelMint's price assessment for sponge P-DRI (FeM 80%) in Raipur moved down by INR 400/t w-o-w to INR 31,800/t exw. Sponge iron prices decreased by INR 200/t d-o-d.

Region-wise offers and deals: