SteelMint in conversation with market participants learned that central India based pellet manufacturers have decreased their offers by INR 200/MT to INR 6,800/MT (ex-Raipur, GST extra) for Fe 63% grade. Towards the beginning of the week, Raipur pellet makers had lowered offers by INR 200/MT to INR 7,000/MT (ex-Raipur, GST extra). Thus offers have down by INR 400/MT this week.
As per the market participants, no strong demand in the market for pellets and no such deals reported at previous offers of INR 7,000/MT. It is also to be noted that buying interest is still very negligible form the buyer’s side.
Raigarh based Monnet Ispat & Energy has also decreased offers and they are quoting INR 6,600/MT (Ex-plant). No deal reported from quite some-time.
P-DRI price in Raipur has declined to 18-months low. Prices declined sharply by INR 800/MT W-o-W to INR 17,900/MT (basic) compared to INR 18,700/MT ex-Raipur.
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