India: Bellary sponge iron prices drop INR 150-200/t

SteelMint’s price assessment for sponge P-DRI (FeM 80%) dropped by INR 150/t to INR 28,700/t, exw Bellary, on 22 Jun’21. Prices fell due to limited demand from standalone furnaces on falling finished steel sales.

• About 2,000 t of P-DRI deals were reported at around INR 28,700/t against offers at INR 28,800-28,900/t, exw. The deals were reported mostly for Hindupur and Hyderabad, However, a few bids were reported at INR 28,500/t, exw.
• Bids for C-DRI for a parcel of 500 t were reported at INR 28,800/t against offers of INR 29,000-29,200/t, exw.

Sponge iron prices will hinge on iron ore and coal price movements, SteelMint notes.