India: Jindal SAW Cuts Pellet Offers

West India (Rajasthan) based pellet maker - Jindal SAW lowered pellet (Fe 63%) offers for the week. Following decline in imported iron ore prices amid global iron ore prices, pellet maker has lowered offers. Current offers are at INR 8,300/MT (delivered Kandla) as against INR 8,500/MT towards closing of last week.

Jindal SAW runs a 1.5 MnT pellet plant in Bhilwara (Rajasthan). Spot iron ore fines index fell by USD 3.8 yesterday amid low buying interest over steel production cuts. Fe 62% fines index at USD 118.1/MT, CFR China

No trades reported in Raipur pellet market
Raipur (Central India) based pellet manufacturers reduced offers last week by INR 200/MT and a trade of 10,000 MT was reported last week at INR 6,800/MT (ex-Raipur). Current offers for Fe 63% grade assessed at INR 6,800/MT (ex-Raipur, GST extra), however no deals were reported so far this week. P-DRI prices in Raipur witnessed rise to INR 16,800/MT (basic) compared to INR 16,500/MT (Ex-Raipur) last week.

Durgapur pellet offers firm on weekly basis
Durgapur (eastern India) based pellet makers have kept pellet prices stable on weekly basis at INR 6,500/MT (delivered).Rashmi Metaliks is not offering material in the domestic markets for the quite long time and continuously looking for exports.

P-DRI prices witnessed increase to INR 16,700-16,900/MT this week as against INR 16,400-16,500/MT assessed last week.

Southern India pellet offers slightly up this week
Southern India (Bellary) based pellet makers have witnessed at INR 6,200-6,400/MT this week, up marginally against INR 6,100-6,300/MT last week. P-DRI prices also picked up slightly to INR 16,200-16,400/MT as against last week at around INR 16,100-16,300/MT.

Indian pellet trade updates-:
-- Raigarh based pellet makers offer assessed at INR 6,100/MT (ex-plant). One of the major pellet makers from Raigarh is not offering in the domestic market.

--BRPL pellet offers are assessed at INR 7,450/MT for Kalinganagar.