India: Bellary sponge iron producer cuts offer to raise sales volumes

A major pellet-based sponge iron (P-DRI) producer in Bellary, Karnataka has reduced offers by INR 1,000/t to INR 27,000-27,200/t, exw, and has sold around 2,500 t of material in the Hindupur region, as per SteelMint reports. Prices have slumped owing to rising stocks with sponge iron producers along with declining prices of raw material (pellet), which recently dropped to INR 12,000-13,000/t, exw-Bellary. In addition, billet prices in Hyderabad, too, fell by INR 1,000/t on 25 May’21. Current offers are hovering at INR 42,000/t exw; however, inquiries are few, sources told SteelMint.