Central India: Raipur Pellet Makers Lower Offers

SteelMint in conversation with market participants learned that Raipur (Central India) based pellet manufacturers have today reduced offers to INR 6,300/MT (ex-Raipur, GST extra) for Fe 63% grade. Last offer floated was at INR 6,400/MT (ex-Raipur, GST extra). Thus offers have come down by INR 100/MT.

It is to be noted that no significant deal has been reported at the previous offer of INR 6,400/MT. A major Raipur based pellet maker concluded two pellet export deals of 50,000 MT each a couple of weeks back, following which it was not actively offering material in the merchant market.

However, SteelMint learned from the major sponge makers in central India that buying interest for pellets at INR 200-400/MT lower than the last offers of INR 6,400/MT.

SteelMint in conversation with Raigarh based pellet makers today learned that they are offering pellets at INR 6,000/MT (ex-plant).

Last week, on 25th April 2019 NMDC Ltd, India's biggest iron ore producer, had announced a rollover in its iron ore prices for May deliveries.