Indian Pellet Prices Fall Further As Buyers Put Fresh Bookings On Hold
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The uncertain price movement of mid-sized (secondary) steel makers has put further pressure on the Indian pellet industry, resulting in a decline in prices and subdued demand.
Reduced Prices And Demand
Pellet producers in the central and eastern regions have reduced their prices by Rs 100-400/ton week-on-week and the overall decline is about Rs 600-800/ton since January 2023 but weak inquiries have left them unsure about future demand. Buyers have been hesitant to place fresh orders for raw materials like pellets and iron ore due to poor demand for sponge iron and the possibility of further price cuts.
Odisha Mining Corporation‘s upcoming auction is a major factor that could influence the future trend of the market, as mills are waiting to see how it will affect prices. However, buyers are hoping for a price revision in iron ore to counteract the high raw material prices caused by falling sponge and billet offers.
Current Offers
Fe 63% pellets are currently being offered at around Rs 10,000/ton ex-Raipur and at Rs 9,200-9,300/ton ex-works in Durgapur, with few deals being reported. If the situation does not change, trade experts predict further price cuts in the future.
Dropped Sponge Iron Prices’ Impact
Sponge iron prices have also dropped by Rs 100-400/ton in a week, particularly in the central and eastern regions, where prices have fallen by Rs 300-500/ton. This decline has had a ripple effect on the Indian pellet industry, leading to decreased demand and uncertainty among producers.
Way Ahead
The Indian pellet industry is facing a challenging time with declining prices and limited trades. Producers are monitoring the situation closely to determine future orders and offers. It remains to be seen how the market will evolve in the coming days and weeks.
Read more: China’s Iron Ore Imports Experience A Change In Quantity
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