Sponge iron prices in Karnataka’s Bellary moved up by INR 50/t on 9 Sept’21 in line with improvement in trades. Fresh offers for sponge C-DRI (FeM 80%) stand at INR 29,800/t ($405). A few bids were reported at around INR 29,600/t and 900 t of deals were reported at INR 29,800/t exw-Bellary. About 2,700 t of P-DRI deals were confirmed at INR 28,700-28,800/t against offers at INR 29,000/t exw. Raw pellet manufacturers shared that bids were sliding by INR 500/t compared to offers, which indicates that sponge iron prices are less likely to find support, or may remain volatile amidst subdued demand.
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