DR pellet mart depressed by weak steel demand; talks on Q2 premium to continue

The direct-reduced (DR) iron pellet market is under pressure due to depressed steel demand resulting from global Covid-19 quarantine measures, while negotiations on the premium for second-quarter shipments continue.

Fastmarkets' assessment of the iron ore DR-grade pellet premium, Middle East reference, was at $30 per tonne on Tuesday March 31, down by $1 from $31 per tonne on February 28.
Currently "it is rather a question about quantity of supply rather than about price, due to the closure of industries and governmental decisions to lock down countries, which [reduces demand for steel]," one DR pellet suppler told Fastmarkets.
The workable premium for buyers was reported at $25-29 per tonne.

While reports in the market indciated that suppliers were intending to at least maintain the premium...

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