India: Domestic Pellet Prices Continue to Remain Under Pressure
Declining pellet prices in the domestic market led few of the pellet makers to hold offer and watch the market closely before announcing fresh offers.
Declining pellet prices in the domestic market led few of the pellet makers to hold offer and watch the market closely before announcing fresh offers.
Central India pellet prices fall INR 300-400/MT W-o-W-:
According to market sources, Central India (Raipur) pellet offers have decreased further to 4-month low from the last week assessment. Pellet offers from pellet makers are around INR 6,500-6,600/MT (ex-Raipur). Few of the major pellet makers are hold the offers and reluctant to decline prices. They have adopted the wait and watch policy to observe market more closely.
Pellet prices of Central India have come down sharply by INR 1,400-1,500/MT in a month times.
P-DRI prices in Raipur have also declined sharply by INR 550-750/MT to INR 20,000/MT against last week assessment at INR 20,950/MT. Prices have come down amid limited trades and dull market sentiments.
Durgapur pellet price stable; P-DRI fell sharply - Durgapur pellet price is stable this week in line with the last week assessment to INR 7,100-7,300/MT. Market sources expect pellet prices to come down in coming days as Odisha based major merchant miners have cut iron ore prices by INR 300-400/MT.
Similarly, P-DRI prices have declined significantly by INR 1,300-1,500/MT to INR 20,700-20,900/MT against last week assessment at INR 22,000/MT.
Trade updates:
1. Jajpur based Brahmani River Pellet has also declined by INR 300/MT to INR 7,500/MT in Kalinganagar belt.
2. Raigarh based Monnet Ispat pellet offers are around INR 6,700/MT (ex-Raigarh).
Southern India pellet prices decline marginally - Southern India (Bellary) based pellet makers decreased the pellet prices marginally this week to INR 7,200-7,400/MT (basic) against last week’s assessment at INR 7,400/MT. P-DRI prices have declined by INR 100-300/MT to INR 20,100- 20,300/MT against INR 20,400/MT last week assessment.
source: SteelMint
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