India: Jindal SAW decline iron ore pellet offers by INR 600/t ($6/t)

Jindal SAW has cut its Fe 63% iron ore pellet offer by INR 600/t ($6/t) to INR 11,600/t ($123/t) DAP Kandla, effective 22 Jun'26, marking its first price revision since mid-March.

Key factors behind drop in pellet offers -

• Cost effective pellet offers from nearby markets: The reduction was driven by competitive pellet offers by neighbouring region to west market. Pellet offers from Maharashtra were heard lesser against Jindal SAW prices further attracted local buyers in Kandla.
  
  
• Drop in global iron ore prices: There is sharp decline in global iron ore prices, with Fe 61% fines CFR China falling $10/dmt w-o-w to $100/dmt on 18 June. Prices lost strength amid growing pressure from weak steel demand and shrinking mill margins in China. The decline was mainly linked to continued weakness in China's steel sector, which is currently in its seasonal off-season period.
  
  

Jindal SAW recorded pellet production of 1.458 mnt in FY'26, down 11.6% y-o-y from 1.65 mnt in FY'25. Meanwhile, Q4FY'26 figures stood at 356,000 t, declining 5% q-o-q. Total sales were recorded at 1.456 mnt in FY'26, down 12% from 1.65 mnt in FY'25. The drop in production and sales was primarily due to scheduled maintenance shutdowns and deferred export shipments due to the military conflict in the MENA region.