On weak demand from sponge manufacturers and low offers by iron ore miners based in Odisha has put pressure on Indian pellet prices. Manufacturers have cut their offers by Rs 300-400/t w.e.f 1st August.
Current offers for 63% Fe is at around Rs 8,000/t (Ex- Keonjhar, Odisha), where as same grade at Raipur is being offered at Rs 9,500/t (Ex-Works), down by Rs 300-400/t from last week.
“Demand is still not encouraging as iron ore prices are lower than pellet prices after big miners in Odisha reduced prices by about Rs 450/t.” said a sponge manufacturer based in Bengal.
Sources say that pellet manufacturers in Barbil are offering 63% Fe at Rs 8,000 (Loaded to Wagons, Barbil, Odisha) down by Rs 200/t from last week.
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