China iron ore pellet: Prices jump on Tangshan move

: Metals
19/07/30

Seaborne pellet prices rose today in line with the seaborne fines market, supported by expectations of looser restrictions on blast furnace operations in Tangshan in August.

The Argus 64pc Fe, 3pc Al pellet price was assessed at $135/dry metric tonne (dmt) this week, up by $1.50/dmt from last week. The 2pc Al variant was assessed at $138.50/dmt.

Deals for Indian-origin pellet cargoes were done at lower prices on Friday-Monday compared with today's Argus-assessed price. Offers and bids were heard higher today.

Two cargoes of BRPL pellet with August loading dates were offered at $137/dmt today. The best bid was at $135/dmt.

A cargo of Indian pellet with 2pc Al was offered at $138/dmt today, while a cargo of Jindal Saw pellet with 1.2pc Al was offered at $141-142/dmt.

A cargo of Rashmi pellet was sold at $133/dmt on Friday. A cargo of Godavari pellet with 2pc Al was sold at $135/dmt. Two cargoes of Indian pellet with 3pc Al were sold at $133-135/dmt over the weekend. A cargo of Indian pellet with 3pc Al was also sold at $133/dmt yesterday.

Demand for imported pellet is still quite sluggish as portside inventories at major Chinese ports are high at around 4mn t.

Two cargoes of Indian pellet were sold at 1,040 yuan/wet metric tonne ($141/dmt seaborne equivalent) and Yn1,050/wmt at Shandong ports.

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