India: Sponge iron demand slows down in Bellary on rising offers

Pellet-based sponge iron, P-DRI, prices in Karnataka’s Bellary rose by INR 350/t on 25 Jan’22, while C-DRI (FeM 80%) prices inched up INR 500/t.

• Around 1,700 t of P-DRI deals were confirmed at INR 32,500-32,800/t against offers at INR 32,800-33,000/t exw.
• SteelMint’s assessment for C-DRI is at INR 33,500/t ($448/t) and 2,700 t of deals were reported today.