India: Sponge iron offers inch down in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary inched down by INR 100/t, while iron ore-based DRI (CDRI) prices declined by INR 200/t today.

• 2,150 t of PDRI deals were confirmed at INR 34,400-34,700/t exw against offers at INR 34,700/t exw.
• SteelMint’s assessment for CDRI stands at INR 35,550/t exw and around 1,400 t of deals were reported.
• The market witnessed tepid buying interest as the outlook remains unclear, SteelMint notes.