Sponge iron prices in Karnataka’s Bellary declined by INR 500-600/t in today’s trade to hit the lowest level since 31 May’21. Current offers for sponge C-DRI stand at INR 28,200/t ($380), down by INR 300/t d-o-d. A few bids have been reported at around INR 28,000/t, exw-Bellary. Meanwhile, about 2,100 t of P-DRI deals were confirmed at INR 27,600-27,800/t against offers at INR 27,800-28,000/t, exw. Weak demand since the last four-five days following a drop in billet offers by INR 1,000/t has resulted in a rise in sponge iron inventories and declining prices, as per reports.
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