India: Bellary pellet prices remain stable in recent deals

Bellary iron ore pellet (Fe 63%) prices remain stable at INR 10,450/t.

• Confirmed deals for 10,000 t were recorded at around INR 10,400/t exw.
• Pellet-based sponge iron, P-DRI, prices fell to INR 28,700/t exw against INR 28,900/t on 26 Nov, which may put pressure on pellet offers.
• Declining iron ore prices are expected to exert further pressure on pellet prices.