South India: Sponge iron prices fall by INR 400/t in Bellary

Sponge iron prices in Karnataka’s Bellary declined by INR 300-400/t today and up to INR 700/t ($10) over the course of a week, as per SteelMint reports. Low demand and falling billet prices weighed on sponge iron prices. Further, market sources shared that prices are likely to remain under pressure as offtake of sponge iron is poor from the neighbouring regions due to the advent of monsoons.

• Current offers for sponge C-DRI stand at INR 28,700/t ($385). A few bids have been reported at around INR 28,500/t, exw-Bellary.
• About 1,500 t of P-DRI deals were confirmed at around INR 28,300/t against offers of INR 28,400/t, exw