Russian steel and mining group Severstal said Thursday iron ore pellet sale prices averaged $86/mt in the first quarter, up from $36/mt in Q1 2016, while export sales were mainly directed to Europe and Middle East markets.
Severstal's Karelsky Okatysh mining unit sold pellets at $49/mt in Q4 2016, as prices gained over the previous year following global demand for alternatives to replace Samarco's idled 30.5 million mt/year pellet capacity in Brazil.
In Q1 2017, while benefiting from higher prices, Severstal said iron ore pellet sales increased 7% year on year to 2.58 million mt, with external sales up 16% at 1.34 million mt. Seasonal factors led overall iron ore pellet sales to fall 8% from the previous quarter.
Severstal's Q1 pellet export sales were split 72% to European customers, 23% to the Middle East and 5% to other destinations, the company said earlier.
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