India: Sponge iron offers rise in Bellary on improved trade

Sponge iron (FeM 80%) prices in Karnataka’s Bellary rose by INR 300-350/t on 11 Jul’22 amid improved trade.

• Around 4,800 t of PDRI deals were confirmed at INR 34,700-35,000/t exw.
• SteelMint’s assessment for CDRI stands at INR 35,250/t exw and around 2,800 t of deals were reported.
• Offers surged on increased demand followed by the billets price rally. Hyderabad billet offers rose INR 500/t d-o-d.