India: Sponge iron prices fall marginally in Bellary, Karnataka

Sponge iron (FeM 80%) prices in Bellary fell by INR 100/t on 14 Feb’22.

• 6,400 t of PDRI deals were confirmed at INR 32,500-33,000/t against offers at INR 33,000-33,200/t exw.
• 2,750 t of CDRI deals were reported at INR 33,000-33,300/t ($436-440/t) exw.
• Prices continue to drift downwards due to low bids quoted by the furnace owners.