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

Raipur-based producers cut offers for Fe 62/63% (+/-0.5%) pellets by INR 200/t ($2/t) to INR 10,200-10,300/t ($110-111/t) exw today. The decline in offers followed the recent drop in iron ore fines bids in OMC's auction by INR 250-300/t m-o-m, along with weaker downstream demand and prices. Meanwhile, sponge iron (PDRI) prices declined by INR 950/t ($10/t) w-o-w to INR 25,900/t ($278/t) exw today.