India: Sponge iron offers fall in Bellary on limited bids

Sponge iron, PDRI (FeM 80%) and CDRI, prices in Karnataka’s Bellary declined by INR 500/t on 11 May 2022.

• PDRI deals of 1,600 t were confirmed at INR 35,500-35,800/t exw against offers at INR 35,800/t exw.
• SteelMint’s assessment for CDRI stands at INR 36,500/t exw and 1,500 t of deals were reported.
• Prices remain under pressure owing to low buying and Hyderabad billet offers fell by INR 1,000/t, d-o-d.