India: Sponge iron prices fall further in Bellary

Sponge iron, P-DRI (FeM 80%), prices in Karnataka’s Bellary fell by INR 300/t, while sponge C-DRI prices declined by INR 550/t on 1 Dec’21.

• Around 700 t of P-DRI deals were confirmed at INR 28,200-28,500/t and 1,300 t of C-DRI deals at INR 29,600-29,700/t exw.
• Falling coal and billet prices are weighing on sponge iron prices. Also, unclear market directions are resulting in postponement of purchases.