India: Pellet prices in Bellary drop further in recent deals

SteelMint assesses Bellary iron ore pellet (Fe 63%) prices at INR 11,400 against offers at INR 11,600-11,700/t on 31 Aug’21.

• Confirmed deals of about 24,500 t were recorded in the last couple of days at around INR 11,400-11,600/t exw-Bellary.
• Market participants expect a correction in offers in the near term.
• SteelMint’s assessment for Bellary pellet sponge (P-DRI) is stable, w-o-w, at INR 28,600/t exw.