Supply shortage triggers sponge price spike in South India

Karnataka-based BMM has raised sponge P-DRI offers by INR 1,000/t, as per SteelMint reports. Prevailing shortage of pellets due to limited offers by suppliers coupled with active demand for sponge iron has resulted in a sharp surge in offers. SteelMint’s assessment for Bellary sponge iron has increased by INR 700-800/t, in today’s trade.

• About 3,200 t of P-DRI deals were confirmed at INR 28,200-28,500/t against offers at INR 28,500/t exw.
• Offers for sponge C-DRI stand at INR 29,500/t ($396), while around 1,300 t deals had been reported.