South India based major sponge iron producer reduces offer by INR 900/t ($13)

Bellary, Karnataka based BMM Ispat has lowered its sponge P-DRI offer by INR 900/t. Current offer stands at INR 25,500/t exw. The prices have been reduced following drop in billet prices amid weaker demand. Further it is expected that prices may remain under pressure in the coming days on demand-supply mismatch. BMM Ispat has a sponge iron production capacity of 2,300 t per day (equivalent to 0.7 mn t pa). They supply material majorly in the surrounding markets including western India.