India: Pellet producers in Raipur reduce offers by INR 200/t ($2/t)

• Lack of trades leads to reduction
  
  
• Sponge, billet prices fall sharply
  
  

Raipur-based pellet producers reduced their offers for 62.5/63% (+/-0.5%) material further by INR 200/t ($2/t) to INR 9,700-9,800/t ($102-103/t) exw recently. The downward revision follows lack of deals and reduced sponge iron and semi-finished steel prices, limited buying interest from downstream sectors.

In the last one month, prices for pellets have been reduced by around INR 800-900/t following weak market sentiments and competitive offers from nearby regions.

Sponge (P-DRI) prices in Raipur also fell by around INR 300-400/t and around INR 1,300/t m-o-m. Similarly, billet prices fell by INR 1,400/t w-o-w and around INR 3,400/t m-o-m.