India: Bellary sponge iron offers drop on low buying interest

Sponge iron prices in Karnataka’s Bellary declined due to slow buying ahead of the festival season.

• SteelMint’s assessment for sponge C-DRI stands at INR 37,000/t ($494/t), down INR 200/t, d-o-d. No major deals have been reported by the local manufacturers.
• Around 1,000 t of P-DRI deals were confirmed at INR 36,500-36,600/t against offers at INR 36,800-37,000/t, exw-Bellary.