India: Sponge prices fall in Bellary as buyers retreat due to higher offers

Sponge C-DRI (FeM 80%) prices in Karnataka’s Bellary fell by INR 550/t, while P-DRI prices declined by INR 400/t on 20 April 2022, as per SteelMint reports.

• Deals of 2,100 t were reported between INR 37,400-37,800/t exw.
• Around 1,100 t of CDRI deals were confirmed at INR 38,500-39,000/t exw today.
• Billets prices in Hyderabad plummeted by INR 1,000/t, d-o-d, following which, bids for sponge iron also decreased.