The present application discloses a process for the preparation of fuel pellets, said process comprising the steps of a) subjecting a feedstock (e.g. a biomass material) to a torrefaction and partial pyrolysis step at a temperature in the range from 250° C. to 500° C., whereby a solid char and volatile fraction are obtained, said volatile fraction comprising a tar fraction; b) at least partially condensing the volatile fraction so as to obtain a tar-rich fraction, wherein the tar-rich fraction is condensed onto the solid char; and pelletization of the combined solid char/tar-rich fraction so as to obtain said fuel pellets. Novel fuel pellets are also disclosed.