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Premiums for direct-reduced (DR) iron ore pellet from Brazil are expected to move lower in the second quarter of the year in response to weaker demand from major importers amid increasing inventory, sources told Fastmarkets
Second-quarter DR pellet premiums were heard to be discussed at $53 per tonne, down by $2 per tonne from the current quarter, while blast furnace (BF) pellet premiums have remained flat at $45 per tonne from the first quarter.
Both pellet premiums are based on Fastmarkets’ 65% Fe Brazil-origin iron ore fines CFR Qingdao index.
“Sentiment wise, it seems the market does not have that appetite, from what I’ve heard, although suppliers could be keeping the premium high as they expect the iron ore index to drop further,” one buyer said.
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