Sponge iron prices in Karnataka’s Bellary declined by INR 100-150/t in today’s trade. Current offers for sponge C-DRI stand at INR 31,200/t ($393), down by INR 100/t d-o-d. A few bids have been reported at around INR 30,900-31,000/t exw-Bellary, while no major deals were reported. About 1,000 t of P-DRI deals were confirmed at INR 29,700/t against offers at INR 29,800/t exw. Market sources informed that prices are declining due to poor offtake of sponge iron from Maharashtra and Goa.
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