India: Sponge iron offers fall on limited bids in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary declined by INR 350/t, while iron ore based DRI (CDRI) prices declined by INR 700/t today.

• PDRI deals of 1,300 t were confirmed at INR 35,100-35,200/t exw against offers at INR 35,500/t exw.
• SteelMint’s assessment for CDRI stands at INR 35,600/t exw.
• Low buying continued to weigh on sponge prices. Hyderabad billet offers fell by INR 1,000/t, d-o-d.