India: Bellary sponge iron prices edge lower amid decline in billet prices

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary moved down by INR 250/t, while iron ore-based DRI (CDRI) prices declined by INR 300/t on 23 Aug.

• About 3,600 t PDRI deals were confirmed at INR 34,000-34,200/t exw against offers at INR 34,400/t exw.
• SteelMint’s assessment for CDRI stands at INR 35,250/t exw and around 2,650 t deals were confirmed at INR 35,200-35,500/t exw.
• Declining domestic billet prices resulted in a fall in sponge offers. Hyderabad billet prices decreased by INR 500/t, d-o-d.