India: Sponge iron prices rise further in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), and CDRI prices in Bellary, Karnataka, rose by INR 700/t on 2 Mar’22.

• 2,900 t of PDRI deals were confirmed between INR 37,000-37,500/t exw.
• 2,100 t of CDRI deals were reported at INR 37,500-37,700/t ($495-497/t) exw.
• A sharp rise in coal prices led to the rally in sponge prices even though comparatively lower trade volumes were recorded today, SteelMint notes.