India: Bellary sponge iron offers drop as buyers retreat

Sponge iron prices in Karnataka’s Bellary declined by INR 100-150/t today due to lack of buying interest, SteelMint assessment shows.

• Current offers for sponge C-DRI stand at INR 31,400/t ($423), down by INR 100/t d-o-d. A few bids have been reported at around INR 31,200/t exw-Bellary.
• Meanwhile, about 1,100 t of P-DRI deals were confirmed at INR 29,700-29,900/t against offers at INR 29,800-30,000/t, exw.