India: Sponge iron demand remains active in Bellary on rising offers

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Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary edged up by INR 250/t. Around 7,900 t deals were confirmed at INR 34,000-34,100/t exw against offers at INR 34,200/t exw on 26 July.
SteelMint’s assessment for CDRI stands at INR 34,650/t exw and deals of 6,050 t were concluded.
Improved demand, rising billets prices and higher coal prices were the key factors behind strengthening sponge iron offers.

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