India: Sponge iron prices slip on slow demand in Bellary

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Sponge iron PDRI (FeM 80%) prices dropped by INR 250/t on 18 Jul’22. Deals of 1,200 t were confirmed at INR 34,400-34,500/t exw.
CDRI offers declined by INR 100/t d-o-d today. Around 1,000 t deals were concluded at INR 34,900-35,000/t exw.
Lower enquiries and limited buying resulted in a further drop in sponge iron offers.

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