- Pellet offers rise INR 300/t amid active bookings
- Sponge prices support higher pellet offers
Pellet manufacturers in Raipur, Chhattisgarh, have raised offers for Fe 62.5/63% (+/-0.5%) grade pellets by INR 300/t ($3/t) to INR 11,400-11,500/t ($119-120/t) ex-works today. This marks the second consecutive hike this week, following a similar INR 300/t increase yesterday.
The latest increase was supported by active bookings earlier this week and higher sponge iron prices. Around 70,000 t of pellets were reportedly transacted at the beginning of the week, encouraging sellers to raise offers amid expectations of continued improvement in buying activity.
Spot availability has also remained constrained. Some Raipur-based pellet sellers have kept sales closed for several weeks, limiting readily available material and strengthening sellers’ pricing positions.
Meanwhile, Raipur P-DRI prices increased by INR 650/t ($7/t) w-o-w to INR 29,100/t ($304/t) on 30 September. The increase was supported by active buying over the past few days, with domestic consumers replenishing inventories amid stable finished steel demand.
The combination of stronger pellet bookings, tighter spot availability and higher sponge iron prices is providing support to Raipur pellet offers.
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