Raipur-based pellet producers recently reduced their offers for Fe63% (+/- 0.5%) by INR 200/t to INR 9,900-10,100/t ($116-118/t) exw, with some deals closed at the revised offers. Weak market sentiments following the OMC iron ore auction and a steady decline in sponge and semi-finished prices led to a drop in pellet offers. Sponge PDRI tags dropped by INR 550/t w-o-w to INR 25,250/t exw today.
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