India has had a record-breaking number of Covid-19 cases in recent weeks - breaching the 300,000 mark several times over the week to April 27 - while vaccinations fail to stem the tide of infections.
Higher pellet prices?
Market participants strongly believe that prices for iron ore pellets from India will surge because of current market conditions.
“The ongoing [steelmaking] restrictions in Tangshan [in China] have already prompted firm demand for direct-charge raw materials such as iron ore pellets. Over the last two weeks, iron ore pellet prices from India have been very well supported,” a Hong Kong-based trader said.
“Prices for iron ore pellets with low-alumina content will most likely continue to be supported should logistics issues creep...