India: Sponge iron offers inch down further in Bellary, Karnataka

Pellet-based sponge PDRI (FeM 80%) as well as iron ore-based DRI (CDRI) prices in Bellary inched down by INR 100/t as on 3 May’22.

• About 500 t of PDRI deals were confirmed at INR 36,700-36,800/t against offers at INR 37,000/t exw.
• SteelMint’s assessment for CDRI stands at INR 37,800/t with 500 t deals reported.
• Sponge iron trade continued to remain slow due to sluggish trends alongside Eid holiday.