India: Sponge iron prices climb upto INR 1,000/t in Bellary

Sponge iron (PDRI) prices in Bellary rose by INR 1,000/t on 28 Feb’22, whereas iron ore-based DRI (CDRI) prices increased by INR 850/t.

• About 2,450 t of PDRI deals were confirmed at INR 36,300-36,500/t exw.
• 3,700 t of CDRI deals were reported at INR 36,500-36,800/t ($484-488/t) exw.
• Prices rose due to a sharp surge in offers in central region amidst higher coal prices.