India: Sponge iron offers plummet to INR 550/t in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%) prices in Bellary declined by INR 450/t. Iron ore-based CDRI prices dipped by INR 550/t on 25 May 2022.

• • PDRI deals 1,700 t were confirmed at 31,300-31,700/t exw against offers at INR 31,800/t exw.
  • About 700 t of CDRI deals were reported at INR 32,000-32,500/t exw today.
  • Lower bids continue to weigh on prices, while Hyderabad billet prices fell by INR 1,500/t d-o-d, SteelMint notes.