India: Bellary pellet prices slide in recent deals, further drop likely

Iron ore pellet (Fe 63%) prices in Bellary have fallen to INR 11,700-11,800/t exw compared to INR 12,000-12,100/t on 6 Nov’21.

• Deals for around 23,500 t were heard at INR 11,600-11,800/t exw.
• P-DRI prices fell to INR 31,400/t exw-Bellary against INR 32,800/t a week ago.
• Pellet offers are expected to decline further during the week on lower bids.