India: Sponge iron demand remains muted in Bellary, Karnataka

Sponge iron, PDRI, prices in Karnataka’s Bellary rose by INR 500/t, while iron ore-based CDRI prices increased by INR 300/t on 9 Mar’22. However, trade volumes remained limited.

• About 750 t of PDRI deals were confirmed at INR 41,800-42,200/t against offers at INR 42,800/t exw.
• SteelMint’s assessment for CDRI is at INR 42,500/t ($555/t). Around 500 t of deals were reported.
• Billet prices in Hyderabad increased by INR 2,000/t d-o-d.