India: Sponge iron offers rise by INR 300-350/t in Bellary

Sponge P-DRI (FeM 80%) prices in Karnataka’s Bellary rose by INR 350/t, while C-DRI prices increased by INR 300/t on 7 Jan’22.

• Around 7,920 t of P-DRI deals were confirmed at INR 30,000-30,400/t and 3,750 t of C-DRI deals at INR 30,900-31,200/t exw. Trade volumes improved by over 4-fold.
• Sponge iron prices will hinge on imported coal prices that rose by INR 500/t at Gangavaram Port in the last two days.