Pellet sponge (DRI) prices in Bellary stand still at Rs 17,500-18,000 per tonne ex-works

Sponge iron (DRI) prices are stable in Karnataka, which contributes around 15 % of total sponge production in India.

“Currently 75 FeM pellet sponge is offered at Rs 17,500/t and 78 FeM is at Rs 18,000/t (Ex Works) from last few weeks.Chances are less that prices will go up from here on high power prices in surrounding states,although few manufacturers are holding stock on anticipation that prices will rise after festival.” said a market participant based in Bellary,Karnataka.

Demand is moderate and power issues will remain a concern for market.