India: Sponge iron offers increase up to INR 1,400/t in Bellary, Karnataka

Sponge iron PDRI prices in Karnataka’s Bellary rose by INR 1,200/t, whereas iron ore-based CDRI prices inclined by INR 1,400/t on 7 Mar’22.

• Around 3,420 t of PDRI deals were confirmed at INR 41,200-41,500/t against offers at INR 42,000/t exw.
• SteelMint’s price assessment for CDRI stands at INR 42,200/t ($548) & around 2,200 t of deals were reported.
• Prices rally due to lack of coal availability, however on higher offers trades highly affected and participants are waiting for clearer direction for the market.