India: Sponge iron offers surge in Bellary, Karnataka

Sponge iron, PDRI, prices in Karnataka’s Bellary rose by INR 650/t, while iron ore-based CDRI prices increased by INR 700/t on 18 Apr’22.

• 2,600 t of PDRI deals were confirmed at INR 37,800-38,000/t exw against offers at INR 38,500/t exw.
• SteelMint’s assessment for CDRI stood at INR 39,100/t exw and 2,500 t of deals were reported.
• Mill owners continued to keep prices strong as they have sufficient orders in hand.