POSCO, the biggest steel producer in South Korea, was heard to have signed a term contract with Indian miner Brahmani River Pellets Limited, or BRPL, for pellet supply, a source from BRPL told S&P Global Platts Wednesday.
This is the first time POSCO has signed a term contract with an Indian miner to import pellet.
Price will be negotiated every month on spot market basis, and volume is 200,000 mt in total, the source from BRPL said.
The term contract started from January, and POSCO bought a 64% Fe BRPL pellet from the miner at $112/dmt CFR South Korea for the first shipment, loading February.
BRPL exported six shipments last November totaling 340,000 mt. This is the recorded highest level for Indian pellet producers.
This is the recorded highest level of exports for Indian pellet producers.
