Sponge iron prices in Karnataka’s Bellary declined by INR 100-200/t in today’s trade.
Current offers for sponge C-DRI stand at INR 30,000/t ($403), down by INR 200/t d-o-d. A few bids have been reported at around INR 29,800-29,900/t exw-Bellary. A total of about 500 t C-DRI deals have been reported by local manufacturers.
Also, about 2,600 t of P-DRI deals were confirmed at INR 29,200-29,400/t against offers at INR 29,500-29,600/t, exw.
Market sources said that prices are falling due to poor offtake of sponge iron from Maharashtra and Goa with the onset of monsoons.
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