India: Sponge iron offers in Bellary drop on weak buying interest

Sponge iron prices in Karnataka’s Bellary declined by INR 200-300/t today due to lack of buying interest, SteelMint assessment shows.

• Offers for sponge C-DRI stand at INR 30,200/t ($410), down INR 300/t, d-o-d. A few bids have been reported at around INR 30,000/t exw-Bellary.
• About 1,200 t of P-DRI deals were confirmed at INR 28,400-28,600/t against offers at INR 28,700/t, exw.