Central India Pellet Makers Cut Offer by INR 500/MT (USD 7)

According to the market participants report to SteelMint, Raipur (central India) based pellet manufacturers have today reduced offers to INR 6,700/MT (ex-Raipur, GST extra) as against last offer of INR 7,200/MT (ex-Raipur, GST extra). Thus offers have lowered by INR 500/MT (USD 7). Hardly any deals were reported at previous offer of INR 7,200/MT (Ex-Raipur, GST extra).

Lowered realizations in pellet exports amid lowered Chinese buying interest and no significant pellet trades in the domestic market are the major factors behind the decline in offers by pellet manufacturers from Central India.

Also, SteelMint reported early this week that competitive offers from Raigarh have put Raipur pellet prices under pressure. Offers from Raigarh were assessed around INR 6,200-6,300/MT which on landed Raipur basis stood at INR 7,000/MT.

P-DRI prices in Raipur have hit 1-month low and is assessed at INR 19,300-19,400/MT (Ex-Raipur).