Pellet offers in Indian domestic market are likely to decrease further amid limited inquiries and dull buying interest.
Central India pellet offers under pressure amid competitive offers from eastern India-
According to SteelMint’s conversation with market sources, Central India (Raipur) pellet offers have decreased consistently from the beginning of this week. Current assessment for Fe 63% pellets is at INR 8,800-9,000/MT (basic, Raipur) against INR 9,000-9,100/MT (basic) at the beginning of the current week. Buying interest is still INR 100-200/MT below than current offers resulting in limited trades.
Offers from an Odisha based pellet maker is heard to be around INR 8,900/MT landed to Raipur which has kept Raipur pellet offers under pressure. Sponge makers are not buying expecting a further decline in prices. Most of them have adopted a wait and watch policy.
P-DRI prices in Raipur have also decreased sharply by INR 1800/MT to INR 22,600-22,800/MT against last week assessment at INR 24,500/MT.
Eastern India pellet prices decline following a decline in semi-finished prices sharply-:
Durgapur pellet price assessment has also lowered by INR 300/MT to INR 8,200/MT (delivered) against the last assessment at the beginning of this week at INR 8,400-8,500/MT. However, bids are still lower by INR 100-200/MT than present offers. Rashmi Metaliks is still not offering pellets in the domestic market.
P-DRI prices in Durgapur have decreased sharply by INR 1,500-1,600/MT to INR 20,700-20,900/MT against last week’s assessment at INR 22,100-22,300/MT (delivered).
Trade-wise Updates-:
1. Southern India (Bellary) based pellet makers have kept pellet price stable at INR 8,100-8,300/MT (basic) in line with last week assessment.
2. Indian pellet export market remains silent ahead Chinese week-long holidays starting from 01 Oct’18. Assessment remains stable at around USD 150/MT, CFR China for 3% Alumina pellets.
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