India: Bellary sponge iron offers fall even as trade volumes recover

Sponge iron prices in Karnataka’s Bellary declined by INR 200/t in today’s trade, as per SteelMint reports.

• Current offers for sponge C-DRI stand at INR 27,800-27,900/t ($375), down by INR 50/t d-o-d. A few bids were reported at INR 27,700/t, exw Bellary. About 1,200 t of C-DRI deals were reported today.
• Around 5,100 t of P-DRI deals were confirmed at INR 27,100-27,300/t against offers at INR 27,500/t, exw. Most deals were concluded for Hyderabad and Hindupur.
• Prices continue to drift downwards owing to low bids quoted by furnaces amid limited finished steel demand.