India: Sponge iron prices rise by up to INR 1,300/t in Bellary

Sponge iron, P-DRI (FeM 80%), prices in Karnataka’s Bellary rose sharply by INR 1,150/t on 27 Dec’21. Sponge C-DRI prices also rose by INR 1,300/t in today’s trade.

• Around 6,150 t of P-DRI deals were confirmed at INR 30,000-30,200/t against offers at INR 30,400/t exw. Offers for C-DRI stand at INR 31,100/t ($415/t) and around 1,650 t of deals were reported.
• Sponge iron prices will depend on iron ore and coal prices, SteelMint notes.