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Pellet Prices Rebound In Central India, OMC Auction Results Awaited
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Recently, Iron Ore Pellets prices have recovered in Central India’s Raipur market after a slight shortage of Pellets in the market and a surge in Sponge Iron prices. However, the market participants are waiting for OMC’s Iron Ore auction results, which could impact future Pellet prices. In this article, we will discuss the recent price movement of Pellets in different locations and the factors affecting the pellet market.
Why Have Prices Increased In Raipur?
- Shortage- The prices in Raipur have increased because of the Pellets shortage. Sources reported to OfBusiness- one of the Raipur-based producers has shut down its Pellet plant, which is expected to resume operations by the end of May 2023.
- Orders- The Pellet producers in Raipur received good orders when the Steel prices, including Sponge Iron, started increasing, resulting in a significant surge in Sponge prices. Consequently, the producers have also booked good volumes for Pellets at a range of Rs 8,600-8,800/ton. Accordingly, the Pellet producers have raised their offers by Rs 200-300/ton.
- Price Surge- The Sponge Pellet prices in Raipur surged by Rs 2,000/ton in the last 10 days, this has improved demand for Pellets during the last week.
Latest Fe 63% Prices
- Raipur- The current Pellet (Fe 63%) offers in the Raipur range at Rs 8,900-9,000/ton ex-works, as against Rs 8,600-8,700/ton during the first week of May 2023.
- Other Locations- Prices in other major locations such as Durgapur and Jharsugda are reported at Rs 8,700-8,800/ton and Rs 8,600-8,700/ton, respectively, on an ex-works basis.
OMC Auction Results To Impact Prices?
As per the market experts, the Pellets price movement will depend on OMC’s (Odisha Mining Corporation Limited) auction results to be announced on 18 May 2023. OMC’s auction for nearly 1.36 million tons of Iron Ore, in which the base prices have reduced up to Rs 650/ton. The market participants are waiting for the auction results as they could have an impact on future Pellet prices.
Steel Price Impact
Steel price movement will set the Indian Pellet market trend, which was under pressure for a few weeks due to sluggish trends in China, which kept Steel prices downtrend globally. The Pellet market is closely linked to the Steel market, and any significant changes in the Steel market could affect the Pellet market.
OFB’s Insight
Pellet prices have rebounded in Central India’s Raipur market. However, market participants are waiting for OMC’s Iron Ore auction results and the price movement of steel, which could impact the future of Pellet prices.
Read more: Indian Pig Iron Market Witnesses Price Hike– These Are The Factors Behind It
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