India: Bellary sponge iron offers fall further as buying interest declines

Sponge iron prices in Karnataka’s Bellary declined by INR 200-300/t in today’s trade.

• Current offers for sponge C-DRI stand at INR 28,000/t ($377), down by INR 200/t d-o-d. A few bids have been reported at around INR 27,600-27,800/t, exw-Bellary. No major deals were reported by manufacturers.
• About 1,100 t of P-DRI deals were confirmed at INR 27,300/t against offers at INR 27,500/t, exw. Market sources said prices are likely to remain under pressure as offtake of sponge iron remains poor from the neighbouring regions because of the onset of monsoons.