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The premium for direct-reduced (DR) iron ore pellet for shipment in October-December has dropped, mainly on oversupply, sources said in late September.
Most buyers have secured their DR pellet supply in the fourth quarter with a premium of $75.60 per tonne, a decline of $19.40 per tonne from the previous quarter.
“The premium went down that much amid higher supply, from Samarco and Ferrexpo mainly, while demand is not good,” one buyer from North Africa said.
The larger supply caused greater availability in the spot market, another source said.
Sources have estimated the premium in the spot market to be $60-65 per tonne.
In September, the premium remained at $95 per tonne.
Fastmarkets’ monthly assessment of the iron ore DR-grade pellet premium to 65% Fe fines index, Middle East reference was $95 per tonne on Friday September 30, unchanged from a month on month.
Fastmarkets’ calculation of the index for iron ore, 65% Fe Brazil-origin fines, cfr Qingdao which has been used as the basis for DR pellet premium contracts since 2019, averaged $110.70 per tonne in September, down by 5.81% from an average of $117.53 per tonne in August.
fastmarkets
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