- Pellet offers increase to INR 9,300-9,400/t exw
- Significant sellers keeping sales closed
Pellet manufacturers in Raipur, Chhattisgarh, increased offers for Fe 62.5/63% (±0.5%) grade pellets by INR 200/t ($2/t) to INR 9,300-9,400/t ($97-98/t) ex-works. The price increase was driven by improved buying interest, with consumers preferring pellets over lump ore during the monsoon season. At the same time significant sellers in Raipur are keeping the sales closed for the next few weeks.
Supply-side constraints further reinforced the bullish sentiment. The combination of healthy procurement and restricted supply enabled manufacturers to successfully raise offer levels despite seasonal challenges.
Sponge iron (P-DRI) prices in Raipur increased slightly by INR 100/t ($1/t) w-o-w to INR 23,200/t ($241/t), supported by improved buying activity over the past few days. Market participants reported steady procurement from domestic consumers, with mills returning to the market to replenish inventories amid stable finished steel demand.
Market sentiment also received support from heightened geopolitical tensions in the Middle East, which raised expectations of stronger export enquiries and improved trade opportunities. The combination of healthy domestic buying and optimism surrounding export demand encouraged producers to maintain firmer offer levels during the week.
Leave a Reply