On March 6, SteelOrbis reported offers for pellets (6-20 mm, Fe 63 percent) in the Indian domestic market trended down to INR 6,600-6,700/mt ($102-103/mt) ex-warehouse Raipur.
Sources inform SteelOrbis that Indian pellet manufacturers in the central region have lowered offers in the midst of low buying interest. Domestic offer prices are now reportedly at INR 6,500-6,650/mt ($100-102/mt) ex-warehouse Raipur. The price has declined $2/mt from the bottom of the previous range and $1/mt from the top of the same range.
Firms such as Jindal SAW have reduced pellet offers on recent global iron ore price declines. Additionally, the Indian market has been affected this week by weaker domestic HRC and billet prices as buyers delay purchases on market uncertainty. Lower ex-India pellet export prices in recent deals are reportedly placing pressure on domestic pellet prices as well.
USD = INR 64.86 (Mar 6)
USD = INR 65.16 (Mar 28)