Domestic pellet offers in India have moved down up to INR 500/MT W-o-W amid falling buying interest from sponge manufacturers.
Eastern India Pellet offers declined sharply-:
Durgapur pellet offer declined sharply this week. It has decreased by around INR 500/MT this week. Reduced buying interest resulted in limited trade activities which have put pellet prices under pressure. Current offers are assessed at INR 6,100-6,400/MT this week. P-DRI prices are hovering at INR 20,500-20,600/MT.
Central India pellet offers remained unaltered this week. Major pellet makers in Raipur are heard giving offers in the range of INR 7,100- 7,200/MT (ex-works, GST extra). Market participants reported limited deals to have carried out in the price levels of INR 7,100- 7,200/MT (ex-works, GST extra). However, Pellet manufacturers are mostly not acting much rather to wait and watch market movement.
P-DRI prices are stable at INR 20,200 -20,300/MT (ex-works).
Southern India pellet prices fell by INR 200/MT
Southern India (Bellary) based pellet manufacturers have declined pellet offers this week amid good demand and firm P-DRI prices. Bellary pellet offers have moved down by around INR 200/MT against our last assessment. Current offers for Fe 63% grade pellets are heard around INR 7,200 (ex-Bellary).Trade sources also reported deals to have concluded at these levels by a major pellet manufacturer in southern India.
Trade-wise:
1. A major pellet maker in Southern India concluded a deal of 45,000 MT at INR 7,200/MT. Another major pellet maker in Bellary concluded a deal for 10,000 MT at INR 7,200/MT and they are offering at the same price as well.
2. Pellet offers in Jamshedpur assessed around INR 5,500-6,000/MT (basic).
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