Raipur-based pellet makers have dropped their pellet offers for Fe 63%(+/-0.5%) by INR 200-300/t ($2.5-4/t) to INR 9,200-9,300/t ($110/t) exw-Raipur today with 15,000 t pellets deal concluded. The sponge and finished steel prices were recorded under pressure in the last few days along with a price cut by NMDC Chhattisgarh. These had forced pellet producers to reduce pellet offers. Buying inquiries at lower bids also supported the price reduction.
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