India: Bellary sponge iron offers stable, few deals reported

Prevailing offers for sponge C-DRI stand at INR 30,300-30,500/t ($408-410/t), as per reports. A few bids have been reported at around INR 30,200-30,300/t exw-Bellary and around 600 t of deals have been confirmed. About 1,200 t of P-DRI deals were confirmed by SteelMint at INR 29,000-29,100/t against offers at INR 29,300-29,400/t exw. Supply of sponge iron remains average; however, in the days ahead, price movements will depend on raw material prices, SteelMint notes.