Indian Pellet Prices Slide On Limited Trades Due To Changed Sponge Iron Prices
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The Indian pellet industry has taken a hit as the prices have been impacted by a change in sponge iron and steel prices. Poor demand for sponge iron has caused many buyers to hold back on fresh orders for raw materials (pellets and iron ore), wary of offers declining even further. Pellet producers in central and eastern regions have cut prices by Rs 100-300/ton in the face of limited demand. Despite these cuts, there have been few inquiries, leaving producers uncertain about the future of demand.
Fe 63% Pellets Current Offers
Currently, offers for Fe 63% pellets stand at around Rs 10,000/ton ex-Raipur. While, in Durgapur, the offers stood at Rs 9,400-9,500/ton ex-works, with only a handful of deals being reported. If the situation remains unchanged, trade experts predict the possibility of further price corrections in the future.
Sponge Iron
Sponge iron prices have also taken a hit, falling by Rs 500-1,500/ton in a week. The major decline was seen in the eastern and southern regions, with prices falling by Rs 1,000-1,500/ton, while prices in central India fell by Rs 500-800/ton.
This decline in prices is having a ripple effect throughout the Indian pellet industry. It’s causing a drop in demand and leaving producers uncertain about the future. While price cuts have been made, there has been limited response from buyers, leading producers to question future demand and price movements.
Out of total sponge iron production in India, nearly 60-70% is produced by melted pellets.
Way Ahead
Currently, the Indian pellet industry is facing a challenging time with declining prices and limited trades. The fall in sponge iron prices had a direct impact on the pellet market, causing a drop in demand and uncertainty among producers. It’s crucial to observe how the market will evolve in the coming weeks, but for now, producers are keeping a close eye on the situation for taking orders and floating offers.
Read more: Indian Pig Iron Prices Decline Following Correction In Billet Prices
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