India: Sponge iron prices rise sharply by INR 1,800/t in Bellary

Sponge iron (FeM 80%) prices in Bellary rose sharply by INR 1,800/t on 11 Oct’21.

• Around 1,900 t of P-DRI deals confirmed at INR 36,500-37,000/t against offers at INR 37,000/t exw.
• Offers for C-DRI are at INR 37,300/t ($495); 500 t of deals reported.
• Prices rose due to the coal rally.
• Sponge iron price movements will depend on iron ore and coal prices.