India: Bellary sponge iron offers fall as bids come under pressure

Sponge iron prices in Karnataka’s Bellary declined by INR 100-400/t in today’s trade.

SteelMint’s assessment for sponge C-DRI dropped by INR 400/t to INR 29,800/t ($406) exw. Around 1,500/t of deals were confirmed today. A few bids were reported at INR 29,600-29,700/t exw, but the deals could not be confirmed till the time of publication.

About 1,900 t of P-DRI deals were confirmed at INR 28,700-28,900/t against offers at INR 29,000/t exw. Prices continue to drift down on low bids quoted by furnaces amid falling pellet prices to INR 11,200/t exw Bellary.