On February 22, SteelOrbis reported Indian pellet export prices at $118-121/mt CFR China.
Sources inform SteelOrbis that the CFR level at the time translated to about $111-112/mt FOB India. Indian pellet export offers are now still trending stable reportedly at $111-112/mt FOB India. A source noted that India’s KIOCL has recently concluded a large pellet export deal.
Per provisional custom data for FY 2019 to-date (April to Feb 2019), India exported 8.05 million mt of pellets in the period. The largest buyer was China with 5.96 million mt (74 percent) followed by South Korea with 0.94 million mt (12 percent), UK with 0.19 million mt (2 percent), Vietnam with 0.17 million mt (2 percent), Oman with 0.16 million mt (2 percent), and other destinations with 0.63 million mt (8 percent).
The largest Indian shipper in the period was BRPL with 2.15 million mt (27 percent), followed by JSPL with 1.65 million mt (20 percent), KIOCL with 1.29 million mt (16 percent), Rashmi Metaliks with 0.98 million mt (12 percent), Essar Steel with 0.71 million mt (9 percent), and others with 1.28 million mt (16 percent). About 50 percent of the pellet exports are managed through the Paradip port.