SteelMint’s price assessment for sponge iron in the Bellary market in Karnataka trended up by INR 200/t on 21 Jul’21 following fresh deals. Active demand as well as rising billet prices, not to forget high raw material costs, contributed to the spurt in sponge iron prices.
Incidentally, offers at similar price levels were last recorded during mid-Jun. Sponge C-DRI offers stand at INR 30,000/t ($402), with around 1,150 t deals being confirmed. Also, about 1,600 t of P-DRI deals were confirmed at INR 29,000-29,200/t as against offers at INR 29,300-29,400/t exw-Bellary.
Trade volumes were slightly low today as buyers had placed a sufficient number of bookings yesterday.
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