India: Sponge iron trades improve on lower offers in Bellary, Karnataka

Sponge PDRI (FeM 80%) prices in Karnataka’s Bellary fell by INR 250/t, while CDRI prices also declined by INR 200/t on 10 Feb’22.

• About 4,600 t of PDRI deals were confirmed at INR 33,200-33,300/t against offers at INR 33,500/t exw in Bellary today.
• SteelMint’s assessment for CDRI stands at INR 33,500/t ($447/t) and 2,700 t of deals were reported.
• Rising coal prices and low finished steel movement are expected to weigh on prices in the short term.