India: Sponge iron offers in Bellary drop as buyers retreat

Sponge iron prices in Karnataka’s Bellary declined by INR 150-200/t today due to lack of buying interest, SteelMint’s assessment shows.

• Current offers for sponge C-DRI stand at INR 30,600-30,700/t ($412-414), down by INR 150/t d-o-d. A few bids have been reported at around INR 30,500/t, exw-Bellary.
• Meanwhile, about 1,200 t of P-DRI deals were confirmed at INR 29,200-29,300/t against offers at INR 29,400-29,500/t, exw.