India: Sponge iron prices rise by up to INR 850/t in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary rose by INR 850/t and iron ore-based DRI (CDRI) prices increased by INR 800/t on 16 Mar’22.

• Around 6,900 t of P-DRI deals were confirmed at INR 38,300-38,700/t as against offers at INR 38,800/t exw.
• SteelMint’s assessment for C-DRI is at INR 39,100/t ($512/t) and 3,200 t of deals were reported.
• Billet prices in Hyderabad increased by INR 2,000/t d-o-d.