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

Pellet manufacturers in Raipur reduced offers for Fe 62.5/63% (+/-0.5%) grade pellets by INR 200/t ($2/t) to INR 9,400-9,500/t ($98-99/t) exw. The price correction was primarily driven by subdued demand and weaker sponge iron prices. Additionally, a decline of up to INR 700/t ($7/t) m-o-m in weighted average bids during the iron ore fines auction from the Odisha Mining Corporation (OMC) further pressured pellet offers.