Sponge iron prices in Karnataka’s Bellary declined by INR 100/t on 1 Jul’21. However, a majority of plants are withholding sales rather than dealing at lower rates.
- Current offers for sponge C-DRI stand at INR 27,800-27,900/t ($375). A few bids have been reported at INR 27,700/t, exw-Bellary. About 500 t of deals have been reported.
- About 2,900 t of P-DRI deals were confirmed at INR 27,100-27,200/t against offers at INR 27,400-27,500/t, exw. Most of the deals concluded were for Wada (Maharashtra) and Hindupur.
- Sponge iron producers are planning to curtail production as demand remains sluggish on falling semi-finished steel production.
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