All posts by Nishtha Mukherjee

India: NMDC cuts iron ore prices by INR 200-230/t for Jul’21 deliveries

India’s largest government-owned merchant iron ore miner, NMDC, has cut iron ore prices for Jul’21 deliveries by INR 200-230/t ($3), SteelMint learnt from credible sources. Drop in pellet and sponge iron prices along with a sharp decline in bids at OMC’s recent auction have resulted in the price correction. Bids at OMC’s auction dropped by INR 1,100-1,950/t compared to bids received in the company’s May auction. The revised offers by NMDC are as follows:

  • Baila lump (6-40mm, Fe 65.5%) – INR 7,450/t (down by INR 200/t m-o-m)
  • Baila fines (Fe 64%) – INR 6,360/t (down by INR 200/t m-o-m)
  • DR CLO (10-40mm, Fe 67%) – INR 8,650/t (down by INR 230/t m-o-m)

The above FoR prices are on per tonne basis, excluding royalty and other statutory taxes.

 

Japan: Bids drop by $12 m-o-m at Kanto scrap export tender for July

Japan’s monthly Kanto Tetsugen ferrous scrap export tender for Jul’21 was concluded today. A total of around 14,000 t of Japanese H2 scrap was awarded at an average price of JPY 47,888/t ($436), FAS, SteelMint learnt from its trade sources. The highest bid is lower by JPY 1,307 ($12) against the June tender. After today’s tender result, Japanese H2 scrap export prices may see some adjustments from the prevailing price levels, however, high-grade prices are less likely to fall on demand-supply mismatch.

 

Iranian slab export prices fall in recent deal

A leading Iranian steel exporter has reportedly sold 40,000 t of slabs through an export tender, as per SteelMint reports. According to sources, the company concluded the tender at $740/t, FoB Iran. The shipment is likely to be scheduled for mid-Jul’21 and the destination is the Far East. Prices have moved down by around $5-10/t against the company’s last tender concluded in mid-Jun. Softening global HRC prices have resulted in bearish market sentiments.

 

Indian mill cancels pig iron export tender on higher price expectations

An Indian mill had floated an ocean export tender for the sale of 25,000 t of steel grade pig iron. The due date was 24 Jun’21 and the shipment was scheduled for end-Aug. According to market sources, the tender has been cancelled on bid-offer disparities. The bids were heard at around $540-545/t, FoB levels. The company has issued a new tender for a similar quantity for end-Aug delivery, which is due on 6 Jul.

 

Indian mill concludes 40,000t pig iron export deal

An Indian steel mill has recently concluded an export tender for 40,000 t of basic grade pig iron for Jul’21 shipment. The deal was heard concluded at around $560/t, FoB, for a non-Chinese destination, according to market sources. Domestic pig iron prices in India have moved down amid declining billet offers. SteelMint’ assessment for steel grade pig iron has fallen by INR 500/t w-o-w to INR 39,500/t, exw Durgapur. Indian pig iron exports rose sharply by 169% in FY’21 to 1.03 mn t, with JSPL, JSW Steel, Vedanta and RINL being the key exporters.

 

Japan: Highest bid at Kanto scrap export tender largely stable m-o-m

Japan’s monthly Kanto Tetsugen ferrous scrap export tender for Jun’21 concluded today. A total of around 7,500 t of Japanese H2 scrap was awarded at an average price of JPY 49,195/t ($450), FAS, SteelMint learnt from its trade sources. The highest bid is marginally lower by JPY 84 ($1) against May tender. After today’s tender result, Japanese scrap export offers may rise, as bids put up by Hyundai Steel and other mills last week were comparatively on the lower side.