SteelMint in conversation with market participants learned that Raipur (central India) based pellet manufacturers have decreased their offers by INR 200/MT. Current offers for Fe 63% grade stands at INR 5,800/MT (ex-Raipur, GST extra) as against last assessment at INR 6,000/MT. Limited trades were reported at last offers of INR 6,000/MT (ex-Raipur) as buyers were eyeing for further price cut.
Two deals for 4,000 MT and 5,000 MT were reported earlier this week from Raipur at INR 5,800/MT (Ex-plant).
Raipur pellet offer seems to be around 1.5 years low as these offers were last seen towards mid of May 2018.
P-DRI prices moved down yesterday by INR 300-400/MT W-O-W to 15,400-15,500/MT as against INR 15,800/MT (Ex-plant) last week. On monthly basis, P-DRI prices are down by INR 1,100-1,200/MT against INR 16,600/MT (Ex-plant) a month back.
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