India: Pellet producers reduce offers by INR 300/t ($3/t) in Raipur
Raipur-based pellet producers reduced offers for Fe 62/63% (0.5%) material by INR 300/t to INR 10,400-10,500/t exw, reflecting weakening market sentiment. Decline in pellet prices comes despite an earlier hike of INR 450-550/t in iron ore prices by NMDC Chhattisgarh. Meanwhile, cuts were expected to boost market sentiment and promote greater trade volumes for fresh procurements.