India: Sponge iron offers fall further by up to INR 1,000/t in Bellary

Sponge iron, P-DRI (FeM 80%), prices in Karnataka’s Bellary fell by INR 1,000/t, while C-DRI prices declined by INR 600/t on 3 Dec’21.

• Around 1,000 t of P-DRI deals were confirmed at INR 27,000-27,500/t and 1,200 t of C-DRI deals at INR 28,900-29,000/t exw.
• The emerging sponge iron price scenario will depend on iron ore and coal price movements.