On May 21, SteelOrbis reported that Indian domestic pellet offers were trending at INR 6,900-7,000/mt ($99-101/mt) ex-works Raipur while Durgapur prices were at INR 6,400-6,500/mt ($92-93/mt) ex-works.
Sources inform SteelOrbis that the price has ticked up to INR 7,000-7,100/mt ($100-102/mt) ex-works Raipur while Durgapur prices are at INR 6,900-7,100/mt ($99-102/mt) ex-works. Raipur prices increased $1/mt from both the bottom and the top of the respective previous range. Durgapur prices increased more steeply by $7/mt from the bottom of the previous range and $9/mt from the top of the same range. The increase is attributed to the increase in iron ore prices on expected tight supply. A source noted that as supply concerns decreased on more recent announcements by Vale, iron ore prices have dipped. The change provides the possibility of slight downward pressure on export and domestic pellet prices in India.
USD = INR 69.65 (May 21)
USD = INR 69.77 (May 30)