India: PELLEX drops to over 2-m low following price cuts by local producers

Raipur pellet offers fall INR 800/t ($10/t) recently, deals subdued. Landed offers from Odisha also drop. Sponge, finished steel prices drop INR 1,400-2,500/t ($17-30/t) w-o-w.

BigMint's bi-weekly domestic pellet (Fe63%) index dropped by INR 50/t ($1/t) to INR 9,800/t ($116/t) DAP Raipur on 25 June, 2024 compared to the last assessment on 21 June. The index hit two and half month low as similar levels were last seen in mid-April, 2024, as per data