India: Sponge iron demand continues to remain soft in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%) and iron ore based DRI (CDRI), prices in Bellary fell slightly by INR 50/t on 22 Jul’22.

• PDRI deals of 1,200 t were confirmed at INR 33,900-34,000/t exw as against offers at INR 34,000/t exw.
• CDRI prices stand at INR 34,500/t exw and around 1,250 t of deals were reported today.
• Buying interest remained low today as buyers waited for further correction in prices.