Sponge iron prices in Bellary, Karnataka, declined by INR 150-450/t today due to lack of buying interest, SteelMint notes. Current offers for sponge C-DRI are at INR 30,800-31,000/t ($415-$418). About 1,000 t of deals have been reported at around INR 30,600-30,800/t exw-Bellary. SteelMint’s assessment for Bellary P-DRI decreased by INR 150/t to INR 29,350/t exw.
In view of the sharp reduction in prices in central and eastern India, sponge iron buyers in Karnataka are holding back bookings expecting further price cuts.
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