Russian steelmaker and miner Severstal saw Q1 2012 iron ore pellet prices drop 1% year-on-year to $118 per tonne on an exw basis, the company said on Friday April 27.
Consolidated pellet prices in the first quarter of 2011 fell 15% compared with levels of $139 per tonne exw in the fourth quarter of 2012 according to Severstal's first quarter financial statement
A Severstal spokesman said that the fall in the iron ore pellet sales in the first quarter compared with the previous quarter was due to market weakness.
The steelmaker sold 2.55 million tonnes of iron ore pellets in the first quarter of 2012, an increase of 19% from the 2.14 million tonnes sold in the first quarter of 2011.
Pellet sales in the period were down 3% compared with volumes of 2.62 million tonnes sold in the last quarter of 2011.