SteelMint: PELLEX edges down by INR 100/t on limited deals
SteelMint’s bi-weekly domestic pellet (Fe 63%) index, PELLEX, inched down by INR 100/t to INR 8,750/t DAP Raipur on 9 May, 2023 compared to the previous assessm...
SteelMint's bi-weekly domestic pellet (Fe 63%) index, PELLEX, inched down by INR 100/t to INR 8,750/t DAP Raipur on 9 May, 2023 compared to the previous assessment on 5 May. The index price has dropped on limited trade. Around 48,000 t of deals were recorded at INR 8,750-9,150/t DAP Raipur 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.
- Three deals (3) were reported so far this week and only two (2) were taken into account for price calculation and accorded 50% weightage for T1 trade.
- Five (5) firm offers, bids and indicative prices were heard. Three (3) were taken for price calculation and given the balance 50% weightage.
One of the prominent pellet makers has shut down its plant for maintenance for the entire May month. However, other producers have kept offers stable at INR 8,600-8,800/t ($105-107/t).
As per sources, buyers are still awaiting clarity from the market as it is not stable yet. Demand for semi-finished steel improved marginally while prices in the northern region increased this week.
SteelMint's assessment for sponge P-DRI (FeM 80%) in Raipur fell by INR 350/t w-o-w to INR 28,250/t exw. Meanwhile, prices have increased by INR 500/t d-o-d today. The market saw an improvement in semis and finished steel trade. Billet and rebar prices have increased in the range of INR 200-700/t d-o-d.
Region-wise offers and deals:
