India: Sponge iron offers fall further in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Bellary declined by INR 550/t and iron ore-based CDRI prices fell by INR 700/t on 12 Apr’22.

• 2,700 t of PDRI deals were confirmed at INR 34,800-35,000/t exw as against offers at INR 35,200/t exw.
• SteelMint’s assessment for CDRI is at INR 35,800/t exw and 750 t of deals were reported.
• Prices continue to drift downwards owing to lower bids by furnace owners.