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【Ferro-alloys.com】: Iron ore pellet production is likely to reach an all-time high in FY24 supported by strong domestic demand and pick up in exports.

Iron ore pellet production increased 16 per cent in the 8 months of FY24. It is likely to reach an all-time high in FY2024 supported by strong domestic demand for steel and pick-up in pellet exports.

The recent pick-up in demand from China has allowed Indian merchant pellet players to increase their share of exports in the global market. This is especially attractive because Brazil, the largest pellet exporter globally, has not yet ramped up its production and the supplies from Ukraine also remain constrained.

Pellet exports were impacted in FY23 by the imposition of export duty. While these recovered partly in 8M FY24 owing to the low base, they are expected to be 30-40 per cent lower in FY24 compared to the high levels seen in FY21 due to muted demand from China in H1 FY24.

Prices of iron ore fines, after correcting by 15-20 per cent during H1 FY24, have recovered sharply. Robust steel demand is likely to support demand for iron ore and its prices.

Domestic pellet prices, after correcting by 10 per cent during April-July 2023, have recovered in line with rising iron ore prices aided by strong demand from the steel industry. This has led to improved contribution levels during this period.

With a pick-up in pellet export prices in the last two months, the gross contribution levels for merchant pellet exporters have improved by Rs 900/MT and are likely to support the profitability in the coming months. Improved demand for pellets from China in recent months and the consequent increase in export prices are expected to support the profitability of Indian merchant pellet exporters going forward.

• [Editor:Alakay]