On February 11, SteelOrbis reported that Indian domestic pellet offers were trending up at INR 7,800-8,000/mt ($110-112/mt) ex-Raipur.
Sources inform SteelOrbis that Indian domestic pellet offers are now INR 7,400-7,600/mt ($104-107/mt) ex-Raipur. Over the past week, prices decreased $6/mt from the bottom of the previous range and $5/mt from the top of the same range. In eastern India, domestic pellet prices have decreased more dramatically from an estimated INR 7,400/mt ($104/mt) ex-Durgapur around February 11, as now reported by a source, to INR 6,500/mt ($92/mt) ex-Durgapur on February 26. The price decreased $12/mt and is attributed to the volatility in the export market along with a weak domestic market.
USD = INR 71.17 (Feb 11)
USD = INR 71.01 (Feb 26)