India: Sponge iron offers fall up to INR 1,200/t in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary dropped by INR 1,200/t, while iron ore-based DRI (CDRI) prices declined by INR 1,100/t on 11 Mar’22.

• 1,400 t of PDRI deals were confirmed at INR 41,000-41,200/t against offers at INR 41,700/t exw.
• SteelMint’s assessment for CDRI stands at INR 41,600/t ($545/t) and around 1,700 t of deals were reported.
• The sudden decline in coal and billet prices put pressure on the sponge market today.