India: Sponge iron demand slows down in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary remained stable at INR 33,800/t exw, whereas iron ore-based CDRI prices fell INR 150/t on 30 Jun’22.

• 1,700 t of PDRI deals were confirmed at INR 33,800-34,000/t as against offers at INR 34,000/t exw.
• SteelMint’s assessment for CDRI stands at INR 34,000/t exw and around 980 t of deals were reported.
• Trades remained slow as buyers were in a wait-and-watch mode on sufficient previous bookings.