Sponge iron prices in Bellary have declined by INR 700/t ($10) in a week. Current offers for sponge C-DRI stood at INR 26,400/t ($361) & P-DRI at INR 26,200/t ($358), exw Bellary. As per participants, limited inquiries and weak demand for billets have resulted in a sharp drop in sponge prices. Further they believe that improved supply amidst sufficient stock with manufacturers may soften offers in the coming days.
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