India: Pellet prices in Bellary continue to move downwards

Iron ore pellet (Fe 63%) prices in Bellary have fallen to INR 11,300/t exw compared to INR 11,500-11,600/t on 12 Nov’21.

• Deals for around 17,000 t were heard at INR 11,300/t exw.
• Sponge iron, P-DRI, prices fell to INR 29,300/t exw against INR 31,400/t a week ago.
• Pellet prices are expected to drop further in the near term.