India: Pellet makers reduce offers by INR 300/t ($3/t) in Raipur, Chhattisgarh

Raipur-based pellet producers reduced offers for Fe 62/63% (+/-0.5%) material by INR 300-350/t ($3/t) to INR 10,600-10,700/t ($113-115/t) exw. The reduction was fuelled by lower demand and a fall in sponge iron prices by INR 1,100/t ($11-12/t) w-o-w to INR 26,000/t ($279-280/t) exw. Also supporting this move was OMC's base price reduction for the March auction, where fines prices were reduced by INR 250-300/t ($2-3/t).