India: Bellary pellet prices fall on decreasing sponge offers

Bellary iron ore pellet (Fe 63%) prices have fallen to INR 12,000-12,100/t as against INR 12,150/t assessed on 29 Oct’21.

• Deals for 3,000 t were heard at INR 12,200/t exw.
• P-DRI prices fell to INR 32,800/t exw-Bellary against INR 33,700/t a week ago.
• Pellet offers are expected to drop further and, hence, buyers are adopting a wait and watch policy.